Honestly the game is a mess right now, The game it self and the community is just a mess.
Other games which have had recent competitive play seem to have implemented it fine, and games in the past have as well.
But TF2 it just doesnt seem to work. I gonna be honest here, if TF2 competitive was gonna be a thing, it would of been a thing by now, that game has been out for 9 years now and the competitive side hasn't really changed.
Adding a Competitive match making option wont change this. Its worth a good try but people have been pushing it for years and its gone no where. Compare TF2 to other popular e-sports games and you realise how little TF2 comp scene is. Valve is only trying now to push high level comp play after 9 years, its the one audience they have ignored for the longest time, and now they are doing a back peddle to catch up.
I'm fine with the push for Higher level comp play, but I think its well past its sell by date honestly. This update probably wont change much, I doubt it will introduce new players, it will just make the current players slightly more happy.