But they are in competition because they both use energy as…
But they are in competition because they both use energy as a costly signal. If 21e8 is successful someone will develop ASICs for their mining algorithm. The 21e8 CPU and GPU miners will then become irrelevant just like they did with Bitcoin
https://twetch.app/t/59bc3ef4dccda4c1e75d15e4378a913297761af747e1ce3f1a45c103314fe7cb
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Like @24 said, 21e8 cannot provide as much POW as cheaply as Matterpool can. 21e8's ASIC miners will be way behind in terms of POW/cost. Bitcoin mining is already hyper efficient b/c they have been using ASICs for so long.
Cheap proof of work is a less costly signal
Why would you want a less costly signal? Cheap proof of work is easier to fake therefore it is not as honest of a signal.