Intel could just as well become a pure fab and give up on designing processors. Switching to another ISA might tie them up for years before they can deliver state-of-the-art processors again. Intel can't afford that after the recent year's delays with switching to new nodes.
Intel has been thinking in detail about a streamlined x86 architecture that would ditch all of the cruft: 64-bit only, no memory segmentation, no real mode.
https://www.intel.com/content/www/us/en/developer/articles/t...
Fortunately, with open-source becoming dominant in the data center and the relative ease of bootstrapping a new ISA on top of it, we will see some extra diversity in this space, but I don't think Intel will abandon x86 anytime soon (and "soon" is in almost geological scales here).