We will see how Apple's semiconductor team can come up with without Gerald William III at the helm.
Indeed, though its quite possible that the M2 is a minor revision and we shouldn't expect huge performance improvements every revision.
But the competition doesn't stand still
No, but even they have minor updates and major updates to their microarchitecture. I'm not making excuses for Apple as much as setting my own expectations.
Jony Ive's left Apple, some people bemoaned the departure and publicly worried about Apple's cool design and what will happen - well, we're still getting cool products, and in fact I'd say the new MBPs are a large improvement over prior generations.
Just as Apple's competition doesn't sit still, Apple doesn't either, of course they hire other chip designers, they just don't sit around wringing their hands wondering what they'll do.
Regarding the competition, they'll be hard pressed to match, never mind exceed Apple's computational and graphical performance in the mobile sector. Apple's MacBook laptops have a number of design choices that the X86 chips (both Intel and AMD) cannot match.