If you loose position to a competitor over AMP alone, I would be surprised. AMP was praised for its speed, but then as people realized that conversion dropped like a rock, it did not catch on in the most important segment: business. So I would say if this is something that will eventually be implemented, make sure it can be turned on manually only. I tried it on WordPress and hated it, and I still exit any page that show me that watered-down experience. Almost as fast as sites that ask me to turn off ad-blockers 🙂
Considering that less than 0.2% use AMP and almost none of the top sites do, if we are to believe online stats, I don't think this is a magical bullet for SEO gains. You can easily check the sites above you in the search results to see if they use AMP or not. My guess is that they simply have better SEO strategies and work more focused on their keywords, especially in the long-tail.
You may also be surprised to know that you can still rank without passing all the checks and that the checks are just the visible parts of the algorithms, not the whole solution 🙂 Content and links still are king when it comes to SEO and the goal is not to get people to your site, it is to make them stay. Right?