I mean the niche best known for Bethesda's The Elder Scrolls III, IV and V.
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(Fantasy) The setting is a fictional world with fantastical elements, and a comparable level of societal progress as the 1600s or earlier.
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(Character Creation) You create your own role: character and class. It is a permanent character.
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(Action) You have direct control over your characters actions in real time.
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(Open World / Sandbox) You aren't forced to do the main story and can roam around the whole map finding items and doing side quests.
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(Single player) Not having to accommodate for multiple players, your choices can make a lasting impact on the world.
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(Alive world) There are events that can happen by chance, like meeting people on the road.
Less importantly, they are first person. This connects you more to the character, but downside is you don't see how cool armor you are wearing. First person combat might also keep it from reaching high action potential, although games like Mount&Blade and Kingdom Come Deliverance features good First Person fencing.
What are the competitors in this genre of single player, open world, fantasy, RPG?
Baldur's Gate is not an action game.
The Witcher forces you into a premade character and thus I don't consider it Free Role Playing.
Kingdom Come Deliverance is not fantasy and you are a set character.
Elden Ring has few NPC interactions, choices and well executed quests. The world is heavily hostile. I don't see it fulfilling the niche quite, but it fills my craving per now.
With Oblivion and Skyrim being real hits, why aren't there more competitors in the Single Player, Open World, Fantasy, RPG niche?
There's very little out there that will check all of those boxes. Never Knows Best did a great video on it. Lots of imitators have decided to hone in on a few of those aspects that make Bethesda games tick without spreading their focus like Bethesda games do, because one can easily argue that in a Bethesda game, no one part of the formula is every truly great on its own. That said, other than KCD2, which you've acknowledged as non-fantasy, there are two other options that I know of.
There's Tainted Grail: The Fall of Avalon that came out last year. I haven't gotten around to it yet, but I hear good things. Never Knows Best had his own issues with things that it did worse than Bethesda, but I think that was while the game was in early access or something. The other is called The Lantern of the Laughless Saint that I first heard about on the Computer RPG community here on Lemmy; it isn't out yet, but has a release date listed as 2026, which might be early access for all I know. They put together a somewhat funny stereotypical TikTok trailer for the game where they're really honing in on the systemic nature that people romanticize about Bethesda games, touting that you can use magic to make yourself jump so high that you won't survive the fall.
I had missed Lantern of the Laughless Fool but it does look somewhat interesting. Didn't really find the brainrot trailer too funny though except for the line
which I thought was pretty good. But at the same time I understand you gotta stand out in today's climate and that trailer will probably get them more attention than a regular bland reveal trailer.