Yes, this is known change to a PowerShell module from a snap-in, it was made during a beta stage for v11. The requirements for PowerShell 5.1 (up from 2) are covered in the Release Notes, and the details about the PowerShell module are covered in the "What's New" documentation.
Details are here:
PowerShell
• PowerShell module — By popular demand, we switched from the PowerShell snap-in to the PowerShell module, which can be used on any machine with the backup console installed. We also no longer require PowerShell 2.0 installed on the backup server, which is something many customers had problems with.
• New PowerShell cmdlet — Version 11 adds 184 new cmdlets for both newly added functionality and expanded coverage of the existing features with a particular focus on restore functionality.
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