It really depends on what you're trying to correlate. When it comes to trying to read anything out of how someone does in something like ICPC, I compare it to d

It really depends on what you're trying to correlate. When it comes to trying to read anything out of how someone does in something like ICPC, I compare it to doing well as an athlete: there's definitely something transferrable in there, but it's hard to claim that it's any specific technical skills. If you're good at competition programming, you can probably sling code pretty well, but that doesn't mean you're good at writing maintainable code in team contexts. But if there aren't other red flags I'd take it as positive signal that you're smart enough and hard-working enough to learn to do it quickly.