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Are we meant to associate it with "hot air" marketing or what else?
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What are you talking about? Air literally always meant thin and light. Now they're treating it a premium product between normal and pro instead (see iPhone Air too)
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Yeah they should never have tried to copy "Air" from MacBooks, precisely where it meant thinnest/lightest, to the iPad/iPhone line where the products are already thin and light. That has always seemed like a bizarre branding move to me.

If they need a mid-tier brand between entry-level and Pro, just call it Plus. The iPad Plus would make a lot more sense.

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