Hi Som, thank you for reaching out. People can and do release other projects/knock offs related to punks, but ultimately in my view all this does is cause the original series to become more valuable. Imitation = flattery, etc. There is provenance on the Ethereum blockchain as to who owns which of the authentic CryptoPunks and that is immutable.
Now, there are a bunch of other interesting NFT projects around that also capture value, but I just think they won’t capture as much value as punks do. Two interesting ones to look at are: