Ruin Explorer
Legend
That's the most recent report, but earlier ones were very different.Kevin Fiegie was actually reported to have been pretty adamant that this movie had to be rated R …
Earlier indications (like 3+ years ago) were that Fiege and Disney were pretty keen to bring it down to PG-13, and this lead to some "discussions". But at some point that changed - I think Disney particularly started realizing the value of a diverse portfolio re: types of content and age ratings, especially as they push Disney+ more and more.
I don't know how Disney+ is advertised in the US or if it's still separate from Hulu, but in most of the world (which is where most of Disney+'s profit comes from), it doesn't just carry Disney shows, it carries a whole ton of other stuff, a lot of which is adult-oriented, like, for American Horror Story. Literally I could walk down to the main road and take a picture of a billboard advertising Disney+ specifically on that basis - i.e. that it is more than Disney/MCU/Star Wars shows and has a lot of edgy and adult-oriented stuff on it.
So I think it's fair to say Disney's original intention was indeed to try and make it PG-13, but that to some extent, times change. Just how much they'll have changed we'll have to see when the movie comes out. I personally do expect it to be tamer than 1 or 2 and nothing in this trailer suggests otherwise.