AEW are in a good place now, and I'd say they've dethroned even golden-era TNA as the most credible competition to WWE post-WCW.
The strength and weakness of AEW is that it's first and foremost for the standard wrestling fans, whereas WWE caters to a larger demographic. Not to say AEW can't appeal to that same demographic, but I think people like Omega and The Young Bucks are significantly lacking appeal to less hardcore fans. People are just told "They're a big deal" when they have little to no mainstream US exposure, rather than being built up like MJF or Hangman. People who are already fans of wrestling will love AEW, but I don't really know how they can bring in non-fans to the product. This is one of the reasons the Attitude Era won the Monday Night Raw; it brought in new fans.
Fortunately for AEW, WWE is in a slump now. We've seen them come back from slumps before, but with Vince growing older, and HHH's pet projects being sabotaged, I'm less confident WWE can really shut out AEW. Not saying AEW will destroy WWE, but they've taken a big chunk out of the McMahon monopoly in the US.