There were more projects of theirs turned down by publishers I wasn't just referencing Razor, Ninja Theory only ever got royalties from 2 of their projects in their entire history DMC and Hellblade. Working with publishers isn't always guaranteed to be successful for Independent company's even Obsidian were screwed over in pay with Fallout:NV and South Park: SoT (although they were to blame by singing on the conditions on their bonus for Fallout).
Crowdfunding isn't a bad thing but it is never guaranteed to be success because not all projects will raise their goal, but a big studio like Obsidian having to resort to it just shows what type of situation they were in and they even confirmed that they were nearly out of cash when they did it.
Yes, especially when those publishers hold strict "we get a 90 meta or you lose any bonuses" policy, which doesn't exactly hold out hope for said devs they are supposed to be helping out.
Tbh, I see croundfunding the exact same way I see publishing, you don't know if it's always going to be good, or if the studio will even have a leg to stand on afterwards. In the case of CF, it's the people and the law that will rip the devs apart, should they scre up. With publisher it'll be them who wring the necks of devs who do them bad, but also the people as well.
Them being out of cash has been dealt to them by some bad cards, not simply because they are asking for hundreds of millions to compete some Star Citizen style project. They also haven't always hit a constant set of home runs either, as that would have given them a steady flow of cash to live on.