As someone who has written in every shader dialect and also dealt with bytecode for all the major consoles, I think SPIR-V is really awesome tbh...
The thing is, a text format is the worst format for interoperability between consoles, desktop and web. Having something like SPIR-V is more akin to LLVM for programming languages. LLVM doesn't preclude the existence of C, C++, etc, but it strictly benefits the ecosystem (which now includes Rust, Haskell, etc). In the same way, I see SPIR-V having the same potential as the interchange format for all the major IHVs.
The thing is, a text format is the worst format for interoperability between consoles, desktop and web. Having something like SPIR-V is more akin to LLVM for programming languages. LLVM doesn't preclude the existence of C, C++, etc, but it strictly benefits the ecosystem (which now includes Rust, Haskell, etc). In the same way, I see SPIR-V having the same potential as the interchange format for all the major IHVs.