I mean, that's essentially what it is. They took the old AA 3-tier status system, cut the middle tier in two, and gave Platinum Pro higher priority than Platinum and a few additional benefits. (I agree with others that dropping the 500 mile upgrade requirement is potentially significant, although I earned 500 mile upgrades far faster than I could use them as a Platinum [few upgradable trips in my specific case; most flights on 50-seaters, long haul, or on AS], so it was a moot point for me.) It is true that pmUS had a 75k tier. 75k fliers now certainly get more than they did last year, when they were just Platinum (and, correspondingly, 50k fliers and lifetime Platinums get bumped down in upgrade priority). Personally, though I'm no longer an AA elite and thus can't judge from personal experience, it seems fair enough.

Although the new upgrade prioritization by last-12-month EQDs presumably does the same thing, giving "active" Platinums priority over those who don't annually requalify.