The reasons really doesn't matter. As long as they are in top of price/performance/quality nobody will switch. Once they stop to be then people will think about it.
If the rest of the market stays at current prices sure. It's very likely that Hetzner is just popular and ran out of hw quicker than others. I doubt they changed their market strategy, they are probably just being realistic. We will see if/when the hikes come to others.
What sucks is that it might just be that hyperscalers have long term hw contracts and completely starve any competition.
Very sure that those new prices has put them out of the whole price/performance/quality bracket.
* Past: consumer level hardware for basic support, and low prices.
* Now: consumer level hardware for basic support, and extreme high prices.
So the entire peg for their hardware choice vs pricing, has collapsed.