Very possible. If they were on top of their game, they'd call it the "KO"
Honestly, if they wanted to go that route, they could adapt their HEDT platform to do the job. They have enough core density there to compete with AMD on the regular desktop. At this point, AMD's X570 platform is well into and even past HEDT motherboard price territory. Intel has parts like the Core i9 9980XE that have the core count, IPC and the clocks to beat or match AMD's offerings. They could just rebrand those chips and cut the prices down. Sadly, that's not their style and I don't know what the cost is on those parts. It may be extremely rare to get chips that bin well enough to become 9980XE's. The reason this isn't a viable option for people right now isn't the platform cost as much as the price of the CPU's themselves. $2,000+ for a CPU is way beyond the budget of even many of the most hard core enthusiasts. I've spent some coin on processors without a second thought and even that's too rich for me.
Intel also doesn't really market its HEDT line as gaming processors, but they could rebrand and do just that. It wouldn't be the first time Intel passed workstation hardware off as a gaming solution.