and bid on their keywords/use similar landing pages and make more money that way? or am I missing something....
You don't know what keywords (at least not all of them and which match types) or what your competitors are paying. You can't even tell what their QS might be which is the building block of Adwords. As for copying their landing pages, I don't see how that can help you. You should be different than competitors, give a reason to visitors to choose you over them. That's how you'll make more money.