I personally think it's more honest now. They used to call it "Group 1" when it was still in practice the fourth or fifth group to board.
Also, boarding groups for main cabin flyers without status or AA credit cards can be 6, 7 or 8 (with Group 9 for Basic Economy), so yes, being able to board in Group 5 can make a big difference when it comes to finding space for your bag vs having to check it.
Agreed. I have never needed to fight for space or have my bag gate checked when boarding with Group 5. Maybe there are some flights where Groups 1-4 constitute a larger group than on the flights I've taken in the last five to seven years, but for the most part, the scrum is behind me, not before I board the plane.