I suppose it is both. Basically all frontier models are inference-time compute bound thanks to reasoning. And actual reasoning traces are locked behind closed doors at all American labs. So whenever they want to push a new model and need to give it hardware, it would make sense to cut into the reasoning budgets of older models. Users will not be able to see that directly, it will only become apparent on high-end, difficult tasks - exactly the kind of tasks where the provider wants you to use the new model anyway, so they can further improve it.