Has Grandmaster actually changed anything?

I'm honestly just curious if Grandmaster has really accomplished anything. From what I've read, Grandmaster was implemented in order to try and decrease the major skill gap between low diamond and high diamond, but in reality, I really don't feel like that has changed or if Grandmaster has accomplished anything. Majority of master players are already grandmaster, and it really looks like it's just a fancy title for master players with 50+ LP. Has Grandmaster actually changed anything in order to reduce the skill cap from high diamond to low diamond, or is it just a fancy title?