IMO, they really missed the mark and changed something that didn't need changing. The old livery (which was not really old at all) was classy and a tip of the hat to MX's heritage.
Nothing of the new livery says "Mexico" - maybe that's the point, but it is a shame that is it this ugly. Sort of reminds me of Sam the Eagle from the Muppet Show
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But equally, there is nothing that says American about the livery of AA, UA, DL, CO. There is nothing Japanese about the livery of NH and CX's paint job doesn't scream Hong Kong at me.
It's not a prerequisite by any means for the livery to have any reflection on the country of which it is a flag carrier.
Mexicana is changing things around for its entry to OneWorld - it has cut-off frequent flier relationship with Aeromexico, etc. Then they have been redesigning things including the website which now has increased functionality as well.
To be honest, I miss them in Star Alliance. I fly with them from time to time (mostly on Mexi-Pass) and even consider joining Frecuenta (sorry Mexicana GO). It is a good airline, but I agree - no need to change the livery!
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Indeed quite ugly.
On the other hand, MX is a really nice airline. I enjoyed flying them many times in Executive Class between LAX and GDL on the 727s !
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I think that the image of an eagle's beak is reminiscent of the national symbol. The eagle appears in many forms. Some of them showing a profile of an eagle sport very similar beaks.
Doesn't make it pretty, but somewhat Mexican in "flavor".