Don't do cloaking and schedule a call with a Google ads specialist to find a solution. Have you ever heard of parasite SEO ? Well, the same thing also exist in Google ads by using competitor's brand names. The CPC is more expensive, but almost every known brand do it. I had regular calls with a google ads agent back then and he always told us (my company boss and the marketing team) to stop doing that. But you know what ? Money talks in the end and we never got penalized, because they would lose too much money.
What I want to showcase here is that, depending on your budget, you might get good or bad advices. In case you didn't know, there are different supporting levels at google ads. The more you pay, the better will be your personal support agent. His main goal is make you spend even more - so, you might come across someone who totally condemns cloaking and you can also come across another agent who will give you an alternative way to achieve your goal. Now, things might have changed. My experience is from 3 years back. Try to call them and explain your situation. Don't do shady stuff, because you'll get banned if you're busted.