The old 9th gen iPad still had a home button, fun colors, and a totally square screen. This update removes the home button, brings rounded display corners and colors and a new processor. And brings the non-Mini, non-Pro iPad into the same design language as the iPhone and the Mini/Pro iPads.
There might still be a fingerprint sensor in the lock button, though.
These small changes are "big news" because the iPad is not (yet) a fashion statement, unlike the iPhone, who suffers enough small changes each iteration so your peers can guess what model you have and how cool you are.
I don't know if it's common, but I associate iPads with small kids, and maybe Apple wants to change that perception.
They designed it from scratch: rounded corners, black bezels, glossy screen, side buttons. It's pure coincidence that it looks exactly like the previous design
There might still be a fingerprint sensor in the lock button, though.