Delta Lake is the main competitor. There's a lot of convergence going on, because everyone wants a common format and it's pretty clear what the desirable features are. Ultimately it becomes just boring infrastructure IMO.
It allows you to be query engine agnostic - query the same data via Spark, Snowflake or Trino.
Granted, performance may suffer vs Snowflake internal tables somewhat due to certain performance optimizations not being there.