Obviously it's not just about the DAC chip. However, there's little reason to launch a new model (name) if the components aren't updated and upgraded... other than marketing.
And of course it matters whether or not the DAC chip was upgraded or not. I've held off buying a Modi mainly because of multiple reports and reviews claiming that the unit is barely better than most PC sound cards. Others say it's not even worth the $100.
I recently bought the Vali and want to upgrade my E10's DAC. If the Modi 2 comes with a better DAC chip that sounds better than its predecessor, then I'm willing to plop down the $100 for it and $20 for cables. If it isn't upgraded in any way, I'd rather choose other DACs that perform better in the same price range.
It makes a lot of sense - it's a new platform. Do you want to be having the discussion each time of which Modi USB you have? The one with the upgraded firmware, or without? Now it's simple. You have the Modi 2, for the USB version with the new firmware, and the Modi 2 Uber, for USB + Optical + Coax. As well as the Modi Optical, which doesn't need new firmware so no 2.0 designator.
It avoids customer confusion on what you have for a non upgradable product.
As for the actual performance of Modi as a dac, well, I'll say my experience with it has been the opposite of the reports/reviews you've read, and I've seen plenty of reports and reviews lauding it's praises, but I imagine that arguing about how good something is on the internet isn't going to do much to change your mind. My recommendation would be to just try it out and see how it actually sounds to you. There return program makes this pretty low risk.
(And, as a disclaimer, I'm probably biased towards Schiit in this response, in that I own a Bifrost Uber/Lyr/Asgard 2/Modi/Vali, have a Fulla on the way, will be purchasing a Mani and SYS before the end of the year, and likely will be picking up a Ragnarok and Yggdrasil at some point next year, and am tempted to pick up another Modi and either a Vali or Magni 2 for my bedside headphone setup.... it's pretty obvious how I feel about Schiit products)