If I were going to do it at a match, I would probably go for a compromise setup where it was an embedded T-shirt without side panels or extensive coverage. Something like this:
https://premierbodyarmor.com/product...xoCzJUQAvD_BwE
And then do that as an undershirt if shooting concealed AIWB in IDPA.
However.... at matches you can just stand far away from the shooter and stand behind a couple of thick buddies (that's what I do when there's someone sketchy on the line).
It's more of an issue for the RO that has to stand up close to random people with firearms. Less so for the competitors.
I did see an RO at a major IDPA match wear armor and I thought it was totally reasonable.
I have heard of people getting fragged by ricochets off steel to the point of penetrating trauma. That's a real thing.
As for public range, if you have any control of what time of day you go... that can mitigate some of the yahoo factor.
Also look around for membership to some of the semi-private ranges in your area... they're much less populated and tend to have less chance of the casual buffoon popping off rounds. They often have long wait lists, so best to get your name on a few lists now before you think you'll need it.
Best of luck on your firearm journey!