It's not a matter of other companies sitting still, no one believes that. When a bear takes after two people, neither of them sits still, but the slower one still loses. Anyone who expects Ford or GM to move quickly enough to keep up to Tesla is probably living in an alternate reality. Tesla is widening the gap and this will become even more obvious with the release of the Cybertruck in just a few months, a new platform to showcase Tesla's latest technologies and price efficiencies.
It sounds like you think Mach-e price cuts can make them competitive with Tesla and save Ford. However, the more Ford cuts prices, the less incentive they have to make a lot of them. They are cutting prices because they know that not cutting prices ends up looking even worse. No matter how much people talk up the desirability of Ford's and GM's EV's, and tell us they are really nice cars, the fact remains that compared to the most comparable Tesla models, these cars are simply not nearly as competitive as the Ford and GM boosters claim. They end up just looking archaic, considering they are supposed to be the pinnacle of EV technology.
People who avoided Tesla and paid just as much for the Mach-e, are coming to realize the Mach-e is simply not all it was cracked up to be. Even though many buyers are still actively defending them, you can tell their defense is sounding more hollow. The Mach-e's biggest advantage for many is that it's not a Tesla. And I totally get that as evidenced by my inability to ever buy a BMW, as much as I like good driving cars and was not afraid to pay the premium price of their less exotic offerings, I simply couldn't buy into what I perceived as "BMW snobbishness". I think this is a similar dynamic at play with people who want any EV but a Tesla.
Thankfully, that anti-Tesla dynamic will weaken slightly with the recent large drops in price and will weaken even further with the impending announcement of a less expensive model. It will never go away entirely which is not a problem because it's a relatively small segment of the overall new car market anyway.