As one of many who fell for S!k and ordered a GSO 5.1 in magnacut back in december 2022 I'm also looking at alternatives. Having a hard time finding something that feels really right.
Short background is that I mostly have experience with smaller knifes like More 2000 and I have a Fallkniven F1 in VG10 since many years back. The GSO 5.1 in mc was intended to be my first larger premium knife. What made me interested was that I wanted to try something bigger and thought that going up to 5-6" territory would be a significant step up to have something different compared to the F1 and not just an incremental smaller step. Something sturdy and rust resistent made magnacut seem lika a very good choice. Would also like to try something else than from the Fallkniven line up.
Fast forward and here I am without a knife and low to no probability of getting the 5.1, especially in magnacut based on recent videos.
For steels I would rank my preference as:
1) Magnacut
2) CPM 3V with delta heat treatment
3) CPM 3V
Prefer micarta scales and a sharp spine is a nice feature for using a ferro rod that I appeciate but it is not a must.
I live in Sweden so options from Europe (EU) is nice in order to avoid custom fee and VAT. But I rather have a nice knife I like than getting away with a low price.
Options I've considered so far is:
CPK BFK - As some one living in Sweden it seems very rare and difficult to get. But I really like the utility side and it is absolutely something I would like to own. Chances of getting one seems extremely low :-(
Reiff F6 - The estetics with "no nonsense" apperance and sturdiness is something I like. Not available with micarta scales at the moment. But if available with micarta and magnacut I would probably order right away.
AK 5.5 - Would like it a tad bigger and thicker.
AK 6.5 - Borderline too big but seems to be a nice options at a good price for the steel and quality.
lionsteel KC-01 - One chunky boy that might be a bit long/thick for my taste but I like it non the less and the price is VERY attractive as I would avoid customs and VAT.
Any feedback and/or other recommendations from you guys?
P.S.
Sorry for the wall of text....
Demko Freereign - Magnacut @ 62-64 Rc. No sharp spine but you can make it sharp yourself.
Has the fully enclosed tang for cold weather comfort like the Fallkniven. No exposed steel to steal heat from your hand.

A Euro based option for you :
If you prefer canvas micarta and don't mind a non-stainless steel like V4E, try to get a TRC Mille Cuori. Fantastic build quality and the corrosion resistance is better than uncoated steel as it's DLC coated. No sharp spine though.
I never oil my blade, put it away with fingerprints and dirt all over the blade and when I do clean it, I just use soap and tap water, dry it, and put it away. Never even a hint of patina or discoloration forming let alone rust. One of the very best knives in its class.
V4E is not stainless but at least as tough as Magnacut and some may argue it's even better in various ways in addition to just toughness. Larrin tried to make a stainless V4E with Magnacut if that tells you anything.
TRC has other models I can recommend too but this is closest to that 5-6" range you're seeking.

Maybe a Freeman Outdoor Gear 451 5" fixed blade in Magnacut? Black G10 handles, so not canvas but another high quality build. Only downside is that it's rather thick behind the edge at 1mm or .040". Not a fine carver but tough and meant for rugged use!


And finally, another stainless option, the ANV (Acta Non Verba) M311 Spelter in Elmax.
Canvas micarta and great handle ergos. No sharp spine though. Another Euro based option for you.

ETA : Something else that just came to mind is the TFK (Tanev Family Knives) Buddy model in Elmax. I have yet to own one of their fine blades but they regularly advertise in the for sale section here and have plenty of photos of their products and I've only ever heard good things about them. I'll own one or a few some day soon hopefully!
Volunteer knife has been mentioned too. They offer a variety of steels, so perhaps even Magnacut is an option. There's the always excellent stainless AEB-L too. Always hear high praise for them.
And as others have said, Busse and sister brands Swamp Rat and Scrapyard offer excellent quality, value, and warranty. They currently have on their website a 5.375" Res-C handled stainless model on offer for a great price. The SYKCO (Scrap Yard) WD5. It's in AEB-L so tough, stainless, and absolutely killer edge taking ability!
I'd of course echo the desire to grab a CPK BFK if possible, but good luck on getting one though they do pop up from time to time (more often than you may think). They just get snapped up super quick so it's hard to obtain.
Hope that helps!