perhaps you could say that Dreamcast was a successor to the Neo Geo, as it was the first home system that was pretty much arcade-perfect, and the games also had home game features. The actual successor to the Neo, the Atomiswave, used similar technology to the NAOMI/Dreamcast, and after that, SNK games were on Taito Type X systems.
The systems that came after Neo Geo were more focused on 3D games. So, the Neo still had that specialty focus on 2D games, which some players still liked, the programmers had a lot of experience with, and which didn't require huge graphical power for the games to look good.