Maybe this is relevant to the agency world. But I'd be surprised if this was at all relevant to the day-to-day tasks in-house designers face at tech companies.
Calling the field Product Design over a UX Design isn't signalling progress or proliferation. It's a lateral move at best, and since a user experience often covers services and setting a vision/process for many customer touch points outside of just the actual 'product'... I'd say the rebrand is wholly unnecessary.
My article of the week <3