The fee waiver is an "introductory offer" offer, only valid in the first year. Bear in mind that repeatedly applying for this card, paying no fees, and not spending on the card, is the type of activity that could be picked up by the new algorithm that disqualifies bonuses on all cards. Too soon for evidence that this has occurred, but not too soon to consider the tradeoff.
5,000 points after $20,000 spend is an ongoing standard feature of the card, not part of a specific offer. It's also evidence that the Ameriprise product is not identical to the standard product.
Are you saying that someone applying for this card again and seeing this language will not get "no fee" card for the first year?