Windows 21H1 19043.1466
2 x GTX 1080 Ti
NVIDIA Drivers 472.12
It seems like the cryptomatte usage in compositor is bugged in the new Octane Blender.
There are two distinct issues:
1. It seems like cryptomatte is producing incorrect alpha values. Probably due to incorrect color space conversion or other color space issues. Currently the cryptomatte is somewhat transparent when the Viewer Node Use Alpha is checked.

2. It is possible in the latest stable build to work with Cryptomatte node and produce proper selections. Currently you can see the cryptomatte and even select it but it doesn't produce any mattes anymore.
I tested the workflow with both legacy passes and new AOVs system. It's the same behavior. Also tried all possible Cryptomatte outputs. All behaves the same.
It would have been nice if it was possible to use new Cryptomatte node in Blender compositor. But even the old legacy workflow is fine if you can get it fixed, please.