There are already many blockchain projects that are trying to compete with ETH. For example, you can see BSC( Binance Smart Chain). This chains fee is lower than ETH. Again if you check Solana and Polygon chain you will see their tx fee are lower than ETH and BSC. All chains are using same wallet address you just only need to select the network during the transaction. But the trust level of people on ETH is higher than any other chain.