In a way, Crunch Data was a competitor to Snowflake as they literally name themselves as "Postgresql Data Warehouse" but correct me if I'm wrong. Neon sounds more complementary to Snowflake as they were struggling with an OLTP backend, namely their Unistore product, which was announced 3 years ago but never went into general availability due to its scalability issues.
Maybe Neon was 4x more expensive, but this acquisition sounds more like an answer to Databricks than a strategic acquisition if I'm being honest. Apparently, Crunchy had $30M ARR, so it's 8x ARR, which is a cheaper answer to Databricks.