Competitive in this game is very fun but it is also lacking in major features:
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No way to understand how ranking works in-game
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No feedback on what causes the rank to rise or fall after matches
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When in a party and queing for a match, the party leader is the only one given a yes or no option to ready. This means no feedback for the other members to know they are entering a match.
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No voice chat for parties in menus
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Very little XP is given for playing a competitive match. I believe this should be much higher.
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No special customization items for playing competitive. Something should be here to show a player's progression through ranks.
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Players guns or models may not load untill after the first round has started, meaning they cannot be effective.
These are just the things I can think of off the top of my head. I hope that there is something coming to add more content to the competitive as I feel it can be an amazing experience given some polish.