Could be interesting... I may be greatly misunderstanding something like Apple's M1, but I think some of its performance gains are due to offloading tasks from the CPU to dedicated ASICs. That's great when you know what those tasks are going to be, and there's no reason to abandon that for known tasks. But if AMD can put as certain amount of FPGA capacity on chips then it might gain the flexibility to dynamically increase performance by offloading from the CPU to purpose-configured FPGA units in the field already, and gain performance that might be better than running it alongside everything else on the CPU, even it it's not quite at the ASIC level.
I fully recognize that I may be speculating out my *s here, and would welcome further constructive comment even if it's just to say "Um, yeah, that's not how it works".
The biggest problem with this concept is that while ASICs can be extremely efficient, FPGAs are much less efficient than the equivilent ASIC. The flexibility comes at a substantial power, chip area, and speed cost. So much so that e.g. raw number crunching is more efficiently done by CPUs or GPUs in almost all cases. You need a particularly quirky computation before an FPGA is a good accelerator. FPGAs are more naturally suited to applications where ultra-low (or ultra-predictable) latency, extremely high bandwidth I/O (with relatively little processing), or particularly specialised DSP is required. Most of these are best served with an FPGA with a CPU attached, as opposed to the other way around, and the cost of the FPGA is not likely to be worth the cost to the majority of users. For an example of a specialised use-case: ASIC designers use racks of them to simulate the digital logic in large-scale designs, which are otherwise far too difficult to simulate on a CPU because CPUs really struggle to simulate billions of seperate logic elements individually, and latency is a real killer for parallel processing. Even so, they run much, much slower than realtime.
I fully recognize that I may be speculating out my *s here, and would welcome further constructive comment even if it's just to say "Um, yeah, that's not how it works".