I think Sun was (mostly) acquired to prevent Java IP being sold to other, more nefarious parties (such as MS or patent trolls). Both Oracle and IBM were (and still are, though to a lesser extent) heavily invested into the Java ecosystem. Sun OS/Solaris has historically also been the reference O/S and platform for big-time installations of the Oracle RDBMS.
The enemy #1 for Oracle at the time was SAP, which they couldn't force out because it's another cancer (the lock-in is huge); so they developed a strategy of buying loads of ecosystem apps to "surround" it. At that point, they could sell the database and apps in one package, and then slowly erode sap away. Hardware was a natural addition to that strategy.
Unfortunately they borked execution. They didn't invest properly in making solutions ready-made, so after you bought a (very expensive) box, you still had to pay tons to consultants to set it up, making it uncompetitive on the whole. The industry shift to cloud did the rest. Now they're way too busy turning into "bigger Salesforce" to care about metal.
Solaris on PPC existed at various times, IBM could have provided a convergence path for the Fortune 500, AIX/Solaris/Linux/Java all on PPC.
It was actually a close thing, but someone else will have to write that story.
At that point, unless the SPARC hardware has some definitive cost/performance advantage, we'll buy x86. SPARC is for legacy.
Same applies to POWER, BTW. How many new apps have you seen in the past 10 years that were designed for POWER?
IBM Services do a lot of support work for Solaris around the world.
But yeah, other than that it doesn't make a lot of sense.