The BJCP exam study guide says:
"Visually inspect the bottle (if given the bottle). Check the bottle for fill level, clarity, sediment,
and signs of problems (e.g., a ring around the neck of the bottle). Identification of such
characteristics may be helpful in describing flaws that are discovered during the formal
evaluation process. However, be careful not to prejudge the beer based on a visual inspection
of the bottle"
So, it is something that is made note of, but should not be something that people take points away from. However, as it notes, something like that could give the judge a bad first impression which could have an effect on your scores. I would say try and only send in bottles for competitions that are close to a commercial fill level.