As frustrating as it is, the answer is yes, and it is a common tactic. This was justified in a few court cases by well-known brands, in which Google prevailed. Google spokespeople explained the justification by comparing in-person shopping. If you went to a store to purchase a specific brand of shampoo, let’s say, then the store will also show you all of the available shampoos available, not just the one that you are looking for. Similarly, when searches query a brand like yours others should have the opportunity to promote theirs.
There is a bit of good news. Although competitors can BID on your brand name, they may NOT include any of your trademarks in their copy.  If they do, you can ask their ads to be reviewed.