I do believe you are absolutely correct. I was on the fargin design team for the PS/2. Which means that what we had to prove was the best possibobble results. Hence 1.44MB only for stuff we could use for testing. But... that wasn't ever thought of again (by us Engrs.) after it went out there.
Dem sneeky Sales bastages. In this age, such a simple fixeroo would never stay unknown to anybody at all.
I distinctly recall PS/2 computers with a 2.88mb drive. I also happen to keep a Hayes microchannel modem (2400b) and an Arcnet card at my desk at work as a reminder to all the young folks of just how long I've been at this.