They’re jumping into a very crowded space, one where Valve is the first-to-market. That said, Valve is good at proving a hardware market viable and then flubbing at actually dominating it (VR, PC set-top boxes) so I could see somebody like Lenovo winning at this.
I’m kind of surprised they went for the Switch/Tablet form-factor for this instead of targeting the phone scale, but Lenovorola already cratered at trying to do this as a phone once before (Moto Z with the gamepad mod).