Yes it is really just a free tier expansion. But many sites today would essentially be able to completely live under the free tier for the foreseeable future, who were previously paying for it. Which I guess makes it a price reduction. Even a company with 2Tb of egress traffic would now only pay for 1Tb instead of 1.95Tb. Which makes it nearly a 50% price reduction.
So I guess... it depends how you look at it.