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IMO a product can't go anywhere as long as it is driven by reacting to the competition rather than by its own independent user-centric vision.
In first approximation, it's fine to completely ignore the competition -- literally know nothing about it -- and focus exclusively on understanding your users. As a refinement, you can look at the competition, but only as a source of inspiration on your way to solve user problems
...that you were going to solve anyway. Copying features, or worse, upending your strategy every time a new competitor arises, leads to loss of focus, loss of direction, and disconnect from your users needs. Which in turn leads to failure
Yep! A lot of these reactions to competition are nothing but seeking social proof.
This is interesting! How do you balance that with not offering the same solution as another competitor? Maybe they are indeed the best solution for your estimated customers or Maybe not, but shouldn't we look there to ensure that added value?
It's better to do something nobody else does for a small slice of the market and grow from there than try and do everything the competition does but poorly. You can win the former, and grow from that position, whereas the latter has no focus on the customer.
Yes. While addressing the underlying customer needs revealed by the competition can become table stakes for broad market fit, it is never enough to take the lead, or even to solve something for some subset of customers that the competition isn't addressing.
Facebook is kind of a counter example
And yet, you work on algorithms that only react.
When you have these social takes that I don't care much about you allow replies, but when you have interesting deep learning takes replies are disabled 
it’s just business
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