It has still very high costs to entry for small miners. Developing strong ASIC resistant algos for GPUs is easier and more effective.
IMHO there is no such thing as an ASIC resistant algo, RandomJS and ProgPoW notwithstanding. Ultimately, CPU's, GPU's, and ASIC's are the exact same physical object, manufactured in the same factories using the same process. The difference is only a matter of purpose and design, and specialized hardware will always outperform general hardware. GPU's were made for graphics, and CPU's for general computing. PoW's are necessarily a special class of computing, and ASIC's will always outperform.