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Mason, Yes it could be both a competition pistol with the competition accessories like enlarged magwell, trigger work, better sights etc. This firearm was designed as a service pistol.
It would be okay for IDPA and a duty gun. The trigger would be the only limiting factor. It's only $100 more for the SIG X5 in Coyote Brown and it has the mag well and trigger for competition which would cost much more than that as an after market add on. https://www.budsgunshop.com/catalog/product_info.php/products_id/110683/sig+sauer+p320+x-five+full+size+9mm+coyote+21%2b1
Definitely a good choice for a duty gun. Competition guns...well, it depends on how much you practice with it. If you master your weapon then it will be a great competitor.
Mason, it will be marginal for competition. The best Sig competition option is here : https://www.budsgunshop.com/catalog/product_info.php/products_id/110683/sig+sauer+p320+x-five+full+size+9mm+coyote+21%2b1