Well-deserved. Even though more complex language models won in the end, his stripping down of word embedding training from RNNs/convolution models to a simple linear model was the thing that was needed for compute at the time and completely dominated the field for five years or so. I do miss the times a little where you could train a cutting-edge model with a reasonable CPU (for training embeddings with word2vec) and a single GPU (some BiLSTM or transformers before BERT).

If I remember correctly, I read somewhere he initially had a hard time getting the word2vec paper accepted at a conference.