I don't think that it should be removed, Valve just has to make some fundamental change to it, making it as close to actual community 6v6 competitive.
And, about weapons: i am pretty sure that some newbie f2ps without any unlocks at all are willing to play competitive, but full stock on all classes is obviously not the way to play competitive 6v6 because 6v6 has a well-established and well-rounded meta, which makes it unfair and unbalanced for People that don't have certain meta unlocks or straight up no unlocks at all. However, making all unlocks available in competitive for all People from the start is not the solution for this problem, because f2ps will be overwhelmed with all the items and possible item combinations and loadouts and will make bad decisions, therefore making bad loadouts and putting themself in a disadvantage, a disadvantage that is actually Valve's fault, so doing this to competitive will only make everything worse. There is actually a second variant of solving this problem-making it so you can only play competitive only if you have all the meta items and weapons, but this solution is if not better than worse then the previous one, because it puts competitive behind a paywall, not the biggest one, but a confusing one for new players, because most of them surely have no idea about instant trading sites like scrap.tf for buying usual unlocks, leaving them with a choice of either spending tons of money on worthless items on the in-game mann.co store or trying to get them through item drops which is long and painful.
I think that Valve should make some kind of educational tutorial "competitive" for training, and maybe even implement the "Request a coach" /"Be a coach" functions (basically something like newbie mixes, but officially from Valve).