If this were true then it would mean they never had a specific rework in mind in the first place, and therefore haven't been, uh, re-working on it at all up to this point. Which to me would seem to imply that whatever rework they rework on, they won't be doing that much work on it and it might not be major. Which I hope isn't true but I can't argue with your logic here.
I think they really had Engineering in mind but the feedback was that engineering was mostly okay & just tweaking the drop tables for mats is something that can be done server side on the fly so the need for a dedicated major upheaval was gone. So I guess they are looking into what else that time could be put to.
Fingers crossed it's some sort of PvP (via the BGS). They got plenty of feedback from the PowerPlay Focused Feedback & a lot of that was that players don't want to feel forced into direct PvP but they do want to be able to pick a side & get stuck in without having to commit to a minimum level of 'grindy' activities. Might be called PowerPlay, might be called something else.
Just a guess.