It did dedicated servers way back in the Classic era:
• https://lowendmac.com/tag/apple-workgroup-server/
• https://everymac.com/systems/apple/network_server/index-netw...
Then it introduced sleek new 1U ones in the PowerPC G4 era:
• https://lowendmac.com/2002/xserve-g4-mid-2002/
• https://lowendmac.com/2003/xserve-g4-early-2003/
These got replaced by G5 models:
• https://lowendmac.com/2004/xserve-g5-early-2004/
• https://lowendmac.com/2005/xserve-g5-early-2005/
Then Intel Xeon models:
• https://lowendmac.com/2006/xserve-xeon-late-2006/
• https://lowendmac.com/2008/xserve-xeon-early-2008/
• https://lowendmac.com/2009/xserve-nehalem-mid-2009/
It also did a very impressive dedicated RAID box for the XServe:
• https://everymac.com/systems/apple/xserve/specs/xserve_raid....
So it is very much not new to the server market.
The problem is that although Mac OS X Server was an excellent product in a lot of ways, and offered unlimited user licenses before it was discounted, it still didn't sell well.
It's a bunch of good, professional GUI admin tools on top of a lot of FOSS Unix server tools. The same tools run on Linux on COTS kit, and cost nothing, if you know how to run them.
So, yes, Apple could. But there are already ARM servers out there. You can buy them straight off the shelf:
https://www.gigabyte.com/ARM-Server
This being so, it's hard to see how Apple could compete, when its OS X server efforts all ultimately failed and were discontinued, leaving only the software: