Would I be crazy if I reached out to the company which gave me an
offer in hopes that they would want to reconsider me?
It's not crazy, just long odds - perhaps odds that suggest you should also start looking for a job at a new third company.
You already rejected their offer and stayed at your company because of the promotion, money and commute. The new company presumably knows that.
Now you have to somehow convince them that this time you really know what you want. And that this time you won't accept yet another counter-offer, or an offer from a third company and leave them after a short period. And you have to convince them that their offer is sufficient, even though it may be less in several factors than the counter-offer that you previously accepted.
Think this through carefully, and rehearse your answers, since the questions will almost certainly be asked. Make sure your answers are calm and convincing.
The new company might feel a bit hurt and rejected. They may have already filled the position. They may conclude that you are indecisive or don't really know what you want. Or they just may have a policy that precludes revisiting prior rejected offers.
The worst that can happen is that they say "No" and you move on. Probably worth a try as long as you keep your expectations low.