Can we think of competing-event as another form of non-event in terms of utility?

Thinking about intersection of states, utility and treatments related it seems to me that the literature tends to relate to competing-event (death in heatlhcare for the most part) as just another form of non-event.

Given that prediction models are developed on non-treated patients, it seems reasonable to interpret unnecessary treatment as a treatment given for a patient that is expected to die anyway regardless of the treatment or to be event-free.