I guess it depends on how one defines "one up each other." If it just means adding specs regardless of the overall quality, then I would have to disagree. Having owned Canon, Olympus and Sony cameras in the past decade, I would much rather own a quality camera where the important specs function at the highest level, rather than just having specs for specs sake. This is why I frequently argue against the Sony fans who only believe in specs - not quality. All 3 cameras, for example, have dust removal systems in their specs, but Sony cameras were notorious for having far more dust on the sensor issues than the other two brands. Sony has IBIS, but reviewers have pointed out that it produces a problematic jitter during video (didn't do any video myself). Sony color can't compete in the eyes of most reviewers. Same with ergonomics. I have owned Sonys and they underexposed by a full stop or more. I had two kit lenses with the A7 series cameras (not cheap kit lenses either) and they were both badly de-centered and had absolutely awful IQ away from the image center. In other words, compared to my Canon and Olympus cameras, the Sonys might have been a "spec winner," but were - by far - inferior in quality.
So, if the competition between brands ends up with cameras with more and more specs that perform worse and worse, then it won't be a good thing for camera buyers.