HLTV doesn't watch the games, they look at the actual statistics, like they should. And sure Hobbit has a 0.01 rating higher on LAN, but when you look at the top opponents they've played, you can see that Ax1Le has better stats against the top competition. For example against Top 20 opponents: Ax1Le 1.15 impact 1.19, Hobbit 1.12 impact 1.13.
And don't try to counter this by saying "you're just applying filters that fit your narrative". No. I don't care about the stats farmed against worse opponents, and neither does HLTV. Stats in the top competition are the most important. That's why for example oSee isn't in the top 20 list, because even tho he got insane stats, they're not from the top competition, but rather from the lower tier competition.
Also, Ax1Le's MVPs have more weight than Hobbit's MVPs, because they're from higher tier events.