Its not a great answer because despite superior size and having immune systems, microbial life is still routinely deadly, just not too often so deadly to cause extinctions. I have read microbiologists puzzles over for example, what mechanisms 'evolves' strains of flu viruses between periods of relative dormancy and deadly flare up.
That oxidation event represents one major collapse on an ancient scale, but did not owe to a species over-predating others, which Im considering here as a more pervasive risk for species 'dynamics' than pollution/poisoning.
I find no firm answer to these concerns. We dont know that species genetic information has not evolved to avoid over-competitiveness, configurations that could be broken by non-evolved modifications, mass reproductions and releases into the system. Its not a matter which can be settled by current insights, so its somewhat plausibly disguarded as fear and uncertainty. But it might even be the case that what genetics may naturally evolve are naturally confined to modest competitiveness by a property of the yet mysterious steps which enable life to evolve - because we don't even know in what circumstance life evolves. Plenty of theories but no one has ever observed life assembling and evolving from lifelessness, or even modelled a viable sequence illustrating it, and not from lacking of trying for the great achievement and accolades that would bring. Its such an amazing scientific subject, the developed science is amazing too but not nearly so much as its subject matter - biological complexity and remaining mysteries. Its worth treating with special care and humility of some kind.