Just thought of a black hat strategy (obviously don't support doing this).

Take down your competitor's servers (goal is for them to be offline for 2-3 days), then reach out to those linking to them and let them know that they're linking to a broken site (ask for the links to be removed/updated). Then, when competitor is back up, they'll have lost the links that get taken down and it might take them a bit until they realize it (if they do, they still might not even get the links back)...

So bad, yet seemingly possible.
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