No it doesn't have competitive use
I don't mean it's useless. It's always listed in "usually useless moves in showdown". I can think one scenario. Blocking sticky web teams. More or less, it's outclassed by taunt. Not completely though.
Haze dealing with stat changes better and Defog being way better for dealing with Sticky Web.
So yeah it's not much used.
Most stat lowering moves aren't competitively used and stat lowering chances are low in moves like shadow ball and psychic. So it's not preferred to waste a move slot for 10% and 20% chance scenarios.
Hope I helped!
Source: experience and Primal’s comment