I know a competitive programmer who actually has been to Code Jam finals. He says ChatGPT wouldn't be able to solve the majority of tasks that are used in algorithmic competitions like Code Jam. ChatGPT might be able to do some of the simplest tasks, but Code Jam had a few rounds of increasing difficulty and at some point it wouldn't help much. The last round is actually in-person so there would be no influence of ChatGPT there at all (Edit: correction, the final round used to be in person, but it has moved online since Covid)
Also, even if people do use ChatGPT, that shouldn't be a problem - it's a tool like any other. Programmers use tools all the time. Is it cheating if someone uses Wolfram Alpha or Stack Overflow to solve a programming task at hand?