Technically no, but the word has come to mean something different. Because even bare metal instances come under the same APIs, security, architecture and usage model as the other "real" VMs, the difference is very slim now. We can think of them as VMs of a specific size with a minimum billing time and get on with using them with our existing tooling.
> but the word has come to mean something different
No, it hasn't. If you're using "VM" to include bare metal, then you are using the wrong term for something. The definition of the word "virtualization" has not changed.
I think you’re using the terms incorrectly. This is “Hardware as a Service” not a “virtual machine.” Yes, AWS Nitro provides extensive management services for both, but they are fundamentally different things even if you access them in similar ways.
The new instance name is “mac1.metal” just like AWS’ other hardware as a service offerings: