Hello Brien,
Thank you for your question about this snipe. You did not win, simply, because your bid was not high enough.
Someone placed a high bid at some point during the auction. Your snipe is no different from any other bid, so the price re-calculated to become your bid value plus one minimum bid increment.
For more info on automatic (proxy) bidding, try this link:
https://www.ebay.com/help/buying/auctions-bidding/bidding-works?id=4014
Here is our page on minimum bid increments:
https://bidslammer.com/help/minimum-bid-increment
Please let us know if we can help with other questions. We are happy to assist.
bidslammer