Is Matic a bearish force on Ether?

The general consensus was that holding you should hold Ether because the adoption of ERC20 tokens will rise and therefore the demand for Ether will rise. But now with a chain like Matic that is syphoning demand for Ether away, the thesis for holding Ether dies because now people will be using Matic and not Ether.

When presented with 2 options to achieve the same exact thing, and one option costs way less than the other, you are going to use the cheaper option. I fear that Matic will send Ether into a death spiral over time.