I don't think any VPS provider has come close to raising their prices this much. There's absolutely not enough people flocking to Hetzner to justify this.
That's all true, but this seems disproportionate even to the hardware market. They already raised their prices recently as hardware got more expensive, and now they are quadrupled. Maybe I am just misreading the hardware market right now.
If you see photos/videos of Hetzner datacenters, their servers are essentially plain, low-end motherboards (1G network, few slots) sitting on shelves (don't mean that as derogatory, it's an efficient design). What it does mean is that their per-server costs are absolutely dominated by the very components that are exploding in cost right now: RAM, SSDs and (to a lesser extent) CPUs.
OVH still seems cheaper here for smallest VPS (what's needed to host a personal website), especially when you consider that you have to pay your IPv4 1.7 € with Hetzner.
For the exact same specs (CX23 vs VPS-1 2027), price is 6 vs 4.5 € and you can get a 15% discount on OVH if you order a full year.
If you buy a dedicated server at Hetzner, you actually need immediate hardware.
Many VPS providers also just resell Hetzner, OVH or other dedicated servers so they won’t increase the price until their own provider does.