Depends on how you define competitive, in gaming which this card at least partially is aimed at its about as fast as a 1080ti a card launched 2 years ago for $700.
16gb seems like overkill for the next couple years of game releases.
It’s essentially just to keep up some production volume this is their HPC die sold to the consumer market its the Titan V equivalent die of AMD minus the Tensor Cores just for much much cheaper.
It’s likely going to be a flop gaming wise, 2x8 pin power connectors put it at 300W TDP with performance only matching that of a 1089ti/2080 in the best case scenarios AMD currently has.
The 1080ti can be had for under $600 if you can find it the 2080 is around $700 but you get RTX and DLSS which while isn’t that useful yet is going to be more useful for gaming than 16GB of memory.