open source GPU

oh muh gerd

this is interesting

Can it ever get good enough to compete with modern NVidia or AMD cards though?

No.
But maybe different.

Issue 1) 3D support is one of the stretchgoals and even then not with shader support, it’s another stretchgoal. The basegoal is 2D support.
Issue 2) Many of the things used in VLSI are patented and can’t be used in this open source project. Lots of the used technology for the implementation is 10+ years old due to keeping it patent free.
Issue 3) It’s the Verilog implementation of the GPU. It’s a software simulation and the GPU only. You’d still have to produce a physical prototype of the chip which is very expensive and then design a PCB, build a card and write a driver.

It’s pretty much useless for an enduser, and if you read their proposal not what they are targeting.

However, all issues aside, you got to start somewhere if you want to tackle such a project and I think its a great and brave step to try.