GPS could be blocked easily, and AFAIK even given corrupted inputs. And HFT could possibly benefit from blocking or corrupting competitors GPS.
Would the police actually try to investigate from where came the jammer? Might the competing firm possibly even finance an investigation themselves privately? And if so, would the police then accept the evidence?
People have done far more evil things for money.
[1]: https://www.nj.com/news/2013/08/man_fined_32000_for_blocking...
I'm not surprised that somebody would try and do this. However it is just so stupid at every level.