IMO it's kinda both.
Take a look at Samus, 'nerfed' for no apparent reason- generally has moves with low knockback.
But then again, her projectiles allow her to rack up alot of damage while spacing so it's easier for her other moves to KO.
What was her 'nerf' was just a 'hint' toward a certain kind if gameplay.
Does Falcon have such hints?
It's kinda hard to tell. Combo characters have low-knockback moves with quick execution times and little ending lag, or moves that easily chain into each other (eg, Sonic's spindash combos).
But what does he have instead?
Increased knockback on attacks, a harder time hitting with his most powerful non-pawnch aerial (Knee)...
I'm not really sure what kind of 'hint' this is supposed to be giving to Falcon players. It doesn't seem to be pointing toward 'combo'.
Characters with high knockback moves tend to be defensive/retaliatory, like Ganondorf, Zelda, or Ike. Sonic, a character with high movement speed, good recovery, and low priority, makes good for gimping and punishing. Falcon's kind of a mix of... both, but I'm not really sure what signals that's supposed to be sending lol.
Defensive chaser/interruptor?
I could just be overinterpreting :[
Has anyone worked with moves that were useless/rarely used in Melee? It seems like moves that were useless before are useful to their characters now (Marth side-B, Sheik needles, Ganondorf >B... among others), and moves that were used a bit too often were generally 'nerfed'.