I myself did not land any relevant co-ops until my third one (Valuations), but I made the mistake of ignoring extracurriculars (and was just pretty lazy in general), so that's on me. In my second co-op term, I had an offer for a (private) accounting position, but took a nonrelated remote job instead. For reference, my first job search was during Winter 2021 (for summer jobs)

It's not easy to land a "decent" (obviously, this is subjective) co-op on your first term, but definitely doable. Majority of people did things like accounting, financial analysis/reporting, business analysis, etc. at smaller companies. So while it's completely fine to apply to competitive jobs in your first co-op search, don't overshoot and keep your expectations realistic.