I haven't done anything more than handle one, but I wouldn't hesitate to use one for competition. In fact, if I were to get back into competition that would probably be my #1 choice.
HOWEVER: You might find that holsters are hard to come by, and I think the mags were also pretty expensive.
I'm not well informed with current regulations for IPSC, if you use an optic it might not fit well into the division structure. That shouldn't necessarily stop you. If you like the gun, any "gun game" will be fun. If you want to be competitive, choose a game that you prefer, and we can recommend a competitive option.
Or don't overthink it. My advice is always to choose a gun that gets you fired up. Start shooting and see what you like, both gun- and game-wise. You can change platforms with minimal cost, really.