I do not compete in powerlifting. For my heavier weights I do squat in wraps (recently even with front squats).
My question now is: Is there any downside to it that I am not seeing? Or what are the positive aspects of squatting in wraps anyway (besides obviously handling a little more weight).
For me the wraps actually help me with my form when I use heavy weights. I am not completely sure why though. But my squats feel a lot better with wraps and my form sometimes even looks better.
They also give me a confident boost and help mentally.
To clarify: I use cheap wraps that aren't wrapped that tight by competitive powerlifting standards. You might call them bad wraps, lightly wrapped. I am not sure how much they add to my squat. I recently squatted 150 kg in wraps after a long (kind of forced) break from heavy squats. Unfortunately I have no idea where my unwrapped squat stands.