Snake is a great character, but isn't one that should be used as a single character army in a tournament. As I said in other threads, everyone that isn't named Ally still has a level of growth they can approach with Snake since no one reached his peak during the early months of this year. However, no one can argue that the game is starting to become about frame traps, and filling the stage with hitboxes while remaining safe. Snake is a punishment based character that is directly opposed to this style of play. The windows for Snake's raw strength to be displayed are shrinking at every level of play due to opponents playing sharper and smarter.
Beyond that, Snake has a TON of even Match ups, and so it's very possible to lose to a random low/mid tier character that you've only fought against once before. Beyond that, he has many match ups that take away from his strengths, such as against Falco, Olimar, D3, MK, and so forth. Though these match ups aren't necessarily horrible ones, they require Snake to utilize a completely different tempo and play-style than other matches.
Unfortunately, most people have been stubborn far too long and refuse to use the counter-pick system.