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The ARM ISAs are not free to implement. ARM holds patents relevant to the ISA.
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Until the patents expire, which many have already.
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The aarch64 stuff still has some time, particularly if you want stuff like virtualization.
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You're vastly underestimating the amount of work that has gone into RISC-V that would need to be redone. It's not just a spec. There's an absolute mountain of software and hardware supporting it.
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Sure. But … so was Linux, or Firefox, or GNOME or KDE, etc.

Even RISC-V itself was adopted by volunteers and supported by toolchains, and then kernels, and applications.

The amount of work is less a problem than the motivation. And motivation really just depends on recognizing that the status quo sucks, but is fixable.

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