Yes.

They believe that they'll be able to sell enough tickets at these prices to make it a more profitable price point.

Trying to reverse engineer Revenue Management is an exercise in futility. We'r never going to be privy to all of the information that goes into these decisions, but the rationale is always the same:

1. Generate as much profit as possible
2. Prevent patterns in airfares that can be exploited by consumers.

Keep in mind that $93 in marginal profit is a big deal, but selling someone a $93 ticket if they would have paid $400 is foolish, and selling someone a $93 ticket and then not being able to sell someone else a $1200 ticket later is downright disastrous. (Pre-pandemic, United averaged about $500 net profit per flight).

3 weeks isn't the least bit close to departure. I travel mostly for leisure and, until this summer of horrific fares hit, I rarely purchased domestic travel much more than 3 weeks out -- that tended to be the sweet spot for fares (but see #2 above).