As a PLD main these are my thoughts on the job as a whole and I have mixed feelings about it tbh.

Doing dungeons feels alot easier to AoE than before but at the same time you are just mindlessly spamming AoE over n over n over... as there isn't any TP management, you just throw in a CD every once and awhile it gets stale fast. Before at least there was some thinking about it.

With regards to enmity there isn't much to think about as you don't lose any hate at all even if one of the dps are focusing on one of mobs while you are not. (The only ever time I lose hate now is when I forgot to put on tank stance) I do miss being able to swap tank stances between shield and sword oaths as it felt you had more to do when you want to play a little more risky but able to do more dps but that option has gone. The gap between knowing if a tank is good or bad isn't really there anymore as far as other players have said it harder to tell but is probably alot easier to get into tanking as a new player to the tank role.

I do miss having more defensive CDs, they removed Bulwark and Awareness even tho they buffed sheltron I feel like not getting any new defensive skills has made it feel like the focus has become more offensive and less defensive and that's not what being a tank is about, this is probably my biggest issue regarding the question. Maybe not for GNB as it's a new job and everything feels new but for PLD defensive wise nothing feels new.

Cover is an issue not sure why it has a 2min cooldown and costs 50 gauge should only be one of. I rarely use it because as MT you use your gauge for sheltron and as OT you use your gauge for intervention, you are only really going to use cover for specific moments or a specific mechanic which hasn't been a must yet in ShB. Although I've never really been much of a fan of the gauge system in the first place it just feels pointless.

With regards to endgame it feels kinda the same as it always has been except for tank swapping feels abit more smoother now as Iron Will (Shield Oath) is not tied to your GCD anymore.

I'll admit I had alot of doubts over PLD after seeing the media previews and all the skills/spells before shadowbringers released but I am happy that I was wrong and that PLD is alot more fun to play now than before, especially with regards to using MP as I always wanted PLD to have more spells.

Overall PLD is in the sweet spot compared to the other tanks it doesn't really need buffing nor does it need nerfing and is alot more fun to play than before but specifically answering the question of has tanking been dumbed down too much, enmity is no longer a concern even though it wasn't really before just even less so now, swapping stances also no longer a concern and TP management has just been thrown out the window so to a certain degree you could say it has.