They embarrassed EA, but more importantly Ubisoft. Open world games are pretty much all Ubisoft is known for these days.

I certainly think they can compete with Rockstar. Elden Ring is just a different genre from RDD or GTA. Had Elden Ring not been so difficult and had all the normie garbage like quest markers and other hand holders, it likely could have outsold GTA. But because From makes hard games (even though Elden Ring is their easiest game) and because they didn't hold the players hand, people passed on some sales.