MongoDB and Elastic are SSPL. SSPL approaches the problem like the AGPL; it compels licensees who sell a service derived from the software to make available under the SSPL the source of all supporting tooling and software so that a user could spin up their own version of the service.
There's an argument to be made that SSPL is de facto "you can't compete with us" since it would be more challenging to make a competitive SaaS offering if your whole stack is source available. I don't disagree. However, as distasteful as SSPL is, at least it doesn't grant licensing to a product conditionally on the unknowable future product offerings of HashiCorp.
We are certainly in interesting times around the monetization / financial sustainability of open source
MongoDB, Elastic, etc. cannot stop you from running a competitor based on the terms of their licenses, they just ask that you publish the source code for whatever service you're running in its entirety (I acknowledge there are disagreements about how far "entirety" extends). The clause in Hashicorp's license actually revokes the right to use their software at all if you're a direct competitor.
OK, no one is going to build an open source competitor to Elastic or MongoDB because then you have no moat and your business will probably fail, I get it, but it's still possible to do without repercussion. It's not like the AGPL is that far off in terms of limitation, either, which is why you don't see many copyleft services run by large corporations unless they've been dual-licensed.