I have been involved in Mathematics Olympiads for most of my life. Throughout high school I was a contestant and since then I have been involved in training our national teams.
A Mathematical Olympiad is inherently a competition. However, many former contestants look back with fond memories, not to the competition itself, but to the interactions with other like-minded students, and to the “beauty” of the mathematics they encountered. For example, Po-Shen Loh, the USA Team Leader to the International Mathematical Olympiad (IMO) 2014-2019 recounts his own experience in the Mathcounts training program in the USA in an interview with ArtOfProblemSolving.org [1]: “…what really sucked me in was that there were a lot of us who were working together as part of a team. Of course, it was competitive, but inside our room, it was extremely supportive.” Paradoxically, Olympiad contestants seem to experience a greater degree of collaboration than high school learners who do not participate in Olympiads.