A new pretrain would definitely get more than a .1 version bump & would get a whole lot more hype I'd think. They're expensive to do!
I don't think it really matters what's under the hood. People expect model "versions" to be indexed on performance.
OpenAI might have learned not to overhype. They already shipped GPT-5 - which was only an incremental upgrade over o3, and was received poorly, with this being a part of the reason why.
It was a generational leap if there ever has been one. Much bigger than 3.5 to 4.
But o3 existing and being good at what it does? Took the wind out of GPT-5's sails.
My hunch is that this is the same 5.1 post-training on a new pretrained base.
Likely rushed out the door faster than they initially expected/planned.