Oh it's bad, it's
very bad. Mint Blitz did a highlight reel of various streamers coming into contact with these hackers:
It's not just one thing, it's many. It's simple things like making an opposing player force quit and incur matchmaking timeouts or cheaters flying around the map, to making the guns that are on the ground fire at random or force opponents to keep swapping weapons so they can't actually attack, to absolute bullshit like spoofing sniper headshots from random players when they aren't even looking at anyone and making others think
they're cheating, or making players instantly suicide when they respawn. At this point they might as well strip EAC out of the game since it's clear it's doing jackshit to prevent cheaters.
I advise anyone still playing MCC to steer clear of competitive entirely, though reports from the Reddit thread linked in the article say that they're also crashing custom game lobbies for shits and gigs too, so it doesn't seem anywhere is entirely safe. Anecdotally, I've played about 40 social multiplayer games this week without issue, but whether I've just been lucky enough to avoid them or they don't bother with social games as much, I couldn't say. The response of "we will determine what is feasible for us to commit to" does not bode well for any kind of fix, pretty much confirming they have nobody actually working on MCC anymore and the problem may very well get a lot worse.