One important note to mention is that while Aave Labs has been building directly RWA products that are integrated into GHO without charging the DAO, such as BUIDL GSM (there is still uncertainty whether a centralized entity would be required to do the regulatory bit), the Aave DAO only approved for Aave Labs to build Aave V4. This is an important correction.
I am also firm believer that there needs to be dozens of centralized businessed doing RWAs. Now of course it will be harder to compete with Morpho and Ondo without incentives but I am sure there are other ways to figure this problem.
Sidenote: Aave V4 will be amazing and can unlock lot of these opportunities for RWAs given its modular architecture and more granular risk management and capital allocation features.