The bolded to me means it's not a rebrand. If it was only going to be combining PS+ and PSNow........I'd agree.
Obviously it isn't only a rebrand, has many other changes and additions. At the core it is a rebranding and rework of PS Now merging it into the more popular sub PS Plus to use PS Now stuff as bait to upsell PS Plus subs into more expensive tiers.
But they added new stuff like:
-Adding PS Plus and the demos to PS Now
-Cheaper pricing to own both PS Now and Plus
-Added PS1, PSP and PS5 games to PS Now
-Adding a cloud gaming free version for countries where cloud gaming isn't supported
-An intermediate tier with Plus and the downloadable PS4 and PS5 games from PS Now
-Bigger focus on 'newer' top PS4 and PS5 exclusives (Returnal, Morales, Death Stranding, etc)
I think the main goal is to make PS Now more visible to those who already are PS Plus subscribers and would be ok to pay a few dollars per month to get hundreds of games.
And the second to use the PS Now cloud gaming free tiers to get extra subbers specially on countries where cloud gaming isn't supported.
Both goals would be done basically rebranding and tweaking PS Now as PS Plus tiers. With obviously extra improvements to make it more appealing.