Sure - though if PP2 has "solved" that problem by expanding the playable area to 10,000+ systems, minimal bottlenecks, and a much looser weekly cycle, so that anyone chased off can just do something almost guaranteed to be somewhat productive somewhere else, that's still not going to lead to much in the way of interesting PvP fights. I'm not even sure it's strategically sensible to get into a big PvE fight over the tug-of-war bar; both sides can probably achieve more in many cases by putting the same merits elsewhere. Certainly the tiny number of contested systems as compared with the number a single Power is pushing hard suggests the big groups are thinking that way.Yep, and I doubt anyone would have issue with that outcome as you describe it, however the problem is of course, when they see the opposition, and switch to another mode to avoid it, which is what PP1.0 slowly slid into.
That's then combined with the large number of PP2 activities which - completely distinct from PP1 - are either impossible to interrupt or inefficient to interrupt even if the person doing them only ever uses Open, especially if that person isn't interested in doing more than sticking to the precise letter of "all merits must be earned in Open".
It certainly looks to me like Frontier have (intentionally or otherwise) developed PP2 to "solve" the "Open-only problem" by making it largely irrelevant.