Could Bitcoin be replaced by an ERC-20 token?

One of the main arguments against Bitcoin is its energy consumption.

On the other hand, it is often said that there will be no new blockchain that achieves what Bitcoin has achieved: Being distributed without a premine that makes the founders rich and with no way for the people in power to inflate the supply.

What would happen is an ERC-20 token would be created that is distributed just as Bitcoin. In a way that everyone who holds Bitcoin automatically owns the same amount of this token? A fork of Bitcoin on the Ethereum blockchain, so to say.