The short version
Mendi and Muse 2 are not really substitutes — they use different sensor modalities for different jobs. Pick on what you actually want from the device.
When Mendi is the right pick
If you want the simplest possible neurofeedback experience — a single forehead band, one game, instant feedback on prefrontal activity — Mendi is the right shape. The fNIRS modality is novel in the consumer space; the easy-to-engage format is the value.
When Muse 2 is the right pick
If meditation is the use case, Muse 2 is the right shape — four-channel EEG, decade-old ecosystem, mature meditation library. The content library alone is reason enough.