The point of the open standard is to untether your prospective customers from the incumbent. That means nobody is going to monopolize that technology anymore, but that works out fine when it's not the thing you're trying to sell -- AMD and Intel aren't trying to sell software libraries, they're trying to sell GPUs.
And this strategy regularly works out for companies. It's Commoditize Your Complement.
If you're Intel you support Linux and other open source software so you can sell hardware that competes with vertically integrated vendors like DEC. This has gone very well for Intel -- proprietary RISC server architectures are basically dead, and Linux dominates much of the server market in which case they don't have to share their margins with Microsoft. The main survivor is IBM, which is another company that has embraced open standards. It might have also worked out for Sun but they failed to make competitive hardware, which is not optional.
We see this all over the place. Google's most successful "messaging service" is Gmail, using standard SMTP. It's rare to the point of notability for a modern internet service to use all proprietary networking protocols instead of standard HTTP and TCP and DNS, but many of them are extremely successful.
And some others are barely scraping by, but they exist, which they wouldn't if there wasn't a standard they could use instead of a proprietary system they were locked out of.