There are FOSS hypervisors that are more than adequate for almost everyone’s useage.
While I wish that were true I didn't find that to be the case.
For home use? Aboslutely. For Small businesses, probably, but labor costs rise noticeably in maintaining those alternate FOSS hypervisors. That can be a dealbreaker for lots of companies which swings the pendulum back to cloud (or Microsoft on-prem hypervisor).
When the Broadcom/VMware apocalypse occurred I looked at all other hypervisor options both FOSS and commercial and found none that were close to VMware's feature offerings for large enterprises. The best for most orgs would be HyperV only because of existing MS licensing the orgs had would cover most of the new license burden.