Why is gold worth $1900/ounce and silver worth $23/ounce? Scarcity. Why is oceanfront real estate worth more than desert real estate? Scarcity.
Bitcoin has value because of its network size and exponentially growing belief it has value. People put more value in a Mercedes than a Ford, in a Louis Vuitton bag than a bag you buy at Target, in a Rolex watch than a Seiko.
It’s unlikely another project will do what Bitcoin does in as an effective manner. Not owning a small amount of Bitcoin if financially irresponsible at this point (IMO). Your last line states it all, it’s hard to diver a river…it’s even harder to divert an entire ocean!
If another crypto should be where BTC is today it would be there. I invest in other coins as well, but keep in mind Bitcoin is the best store of value option.