Well Intel would have a chance
I mean for IoT the CPU platform is kinda irrelevant. Not all IoT things have power restrictions x86 processors couldn't meet, after all there used to be a x86 palmtops which ran for weeks on a pair of AA batteries.
The problem is that Intel doesn't understand what would be needed. They bring out x86 SoCs with 16 kilobytes of RAM... so you couldn't even run MS-Dos on them. On the other hand, they push Windows for their larger devices, which doesn't make much sense as it's hard to modify it enough to be useful in that area.