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I was in school at that time (1998), but as far as I know, many of the matches were competitive. Obviously there were one-sided matches, but you will get them even when full member nations are playing. And test nations do have an advantage over the minnows as far as the 50-over format is considered. The shorter format (T20) may give the associate nations a bit more advantage.
I have seen the scoreboard of some matches and it does not look like competitive, Pakistan Bangladesh India were struggling against minnows according to the scoreboard.
Here is the entire scoreboard of the tournament and having a look at that which matches were competitive. Even the final between Australia and South Africa was a low scoring match and there were many scores below 100 in ODI which is not common even during that period.
https://www.espncricinfo.com/ci/engine/series/460200.htmlT20 will give them an advantage against teams but if they allow in the Olympics they should not allow the full strength team against minnows and they need to have some restrictions.
The big problem is still many big teams not love to play in these games and just because of this they select second or third rated players if now ICC wants to be in Olympics then surely they need to be some strict conditions hopefully 20/twenty or 10/ten league can create some some big difference and we can have some big community here as well.