To be significant competition they'd have to build a compelling product. Their games alone aren't enough.
They could do something like the steam box, but that would have to be niche product and released with very low expectations in mind. Not real competition to the big three. They could make a $800 windows console using their origin store so there's no cost of porting. Have a custom shell to cover the windows ui (That many people would remove). It wouldn't have much appeal but it might get a few more people to use origin and would be more powerful than a ps4 and using off the shelf hardware it would require very little R&D. On the off chance it does sell I'm sure many people would rig it to run steam, but as long a it's not sold at a loss then every sales still a win for them.
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