Absolutely correct. What has happened in the last three decades is business travel has gotten better and more expensive, economy has become less expensive and worse and premium economy splits the difference.

IMO today's premium economy is better than the economy seats I flew in the 80's. The price of a PE ticket today when inflation is factored in is not substantially different from an economy ticket on a mainline carrier in 1980. If you want the 80's experience take PE.