In defense of this thing, the photo on Canon's website of how you can wrap it around your camera and use the attached strap to secure it on the camera makes it seem like at least a somewhat worthwhile product.
And while everyone bashes and jokes about it for soft corners and lack of card slots, looking at the actual website, it seems that the PC-E2 is not so much in improved PC-E1, as it is a smaller version of it. The PC-E2 specifically says it can only be used with smaller cameras, whereas the PC-E1 photos show it in use with a 5D MkIV.
I don't think Canon is trying to proport this as an improved version of the PC-E1 as much as they're just saying it's a smaller one to be used with the smaller DSLRs.
Canon does a lot of stuff to get us to spend money, this does not appear to be one of them. It's just a smaller one for smaller cameras.