It's not even a full redesign - they're advertising a few new "expressive" elements that developers will be able to add to their existing Material 3 apps. The examples they're giving in the articles are mostly mockups with the use of these new components dialed up to 11, to show off what it is.
As someone who made a few small things using the Material spec in the past, I like this. Don't get me wrong, Material 1 was great, but it was also very rigid and samey - there was no official way to make your design adhere to it and look like something you made. Material 2 fixed this by introducing more variety and new elements. This is Material 2 for their current design stage - to me it looks like giving the individual designer more freedom to customize their website or app while still looking "like Android."