What is ASIC hardware good for besides mining? Are there any other uses for ASIC hardware besides mining crypto?
Also what are the consequences of the hashing power race?
ASIC stands for Application Specific Integrated Circuit.

This is hardware that is specifically designed for one use case.

Bitcoin mining ASICs are good at one thing: Bitcoin mining. If they were good at more things, they'd be less efficient and/or more costly than they need to be, and competition would replace them.