It does sound like he's taking it a lot more seriously. I'm not at that level (obviously), so I'm talking out of my ***, but I don't think you can just switch from faking it to for realsies and instantly go back to number one. If he takes a couple big tournaments seriously he'll probably start winning again. However, Peepee is still kinda new and I think the community still has yet to push him to his full potential, whereas Mango has already plateaued once and is gonna have a harder time improving. Ken became a dominant player, then continued destroying everyone as the metagame improved until eventually he reached an internal barrier of creativity, where he couldn't improve at the same rate as the other top players. I think Mango got beaten by players like Kage for a different reason, but right now he's not in the position where he can just flip the switch back on and automatically **** everyone.
That said, I'm already reassessing my prediction that he'll lose to HBox. I think he'd beat Armada and Axe, but Peepee still has too much ability to improve.