You're saying that like patch is out and he is balanced. Just because NRS made those changes doesn't mean that's all he needed. (Not saying it isn't). Remember, they 'nerfed' geras and Kano has been in an absolutely horrendous state for like 5 months now. NRS is very far from oracles of balance. That being said it could be what he needs.
All that it says currently is that NRS agrees with the community that Liu Kang was overpowered.
I'm glad they have took a this approach. Minor changes instead of blankets of nerfs like they did on X.
This way characters can still function but get toned down in certain areas but are still able to play their game and the meta.
F4 being 11 frames will nerf a ton of things liu does from follow-ups after staggers, his plus frames including F43U3 and 12 into F4 can be interrupted now. This will allow more counterplay for his opponents while keeping his tools strong but not obscene.
Its now the same speed as jades B3.
He still has other tools like B1 but it has really short range, less than his pokes. All of his tools Have more of a purpose and the change forces him to use more of his other tools.
I think they did good with Liu
I'm hoping Kabal and others got changes we aren't aware of though.