It is not tax competition. It's tax fleecing. The issue is that companies are paying the rates of low-tax countries while operating by and large in "high"-tax countries and reaping all the benefits from their expensive infrastructure, law enforcement, healthcare, education, welfare (to top up absurdly low employee wages)... all of which gets paid for by "someone else" (you and me).

It might be tax competition if a company that decided to pay Bermudan tax rates also had to draw all its talent from Bermudan universities, had to build their massive shipping hubs in Bermuda using Bermudan transport, had to perform their complex legal cases through Bermudan courts, had to have their entire workforce cared for by the Bermudan healthcare system (or pay them enough to go private)...

(Nothing against Bermuda, picked totally at random)