Jake and Josh have proven you don't need to run under 3:29 to beat Jakob. And I'm not so sure Beamish will never break 8 in the steeple. Last year, in his first year in the event, he ran 8:13/8:13/8:14 with big kicks. I think everyone can see he's made a significant gain in fitness since then, as evidenced by his 8:05 2 mile (with a big kick). That's worth sub 7:30, and while Girma and El Bakkali have run 7:23, they don't have the kick that Beamish has.
After watching World Indoors, I'm comfortable saying he has the best kick in the world. He won comfortably after being like 8th with 150 to go on an indoor track. He's definitely got the mile speed to keep up with them at that pace. I'm leaning a bit more towards the Jakob side now, but I think he's got about as good of a chance as Beamish.