I feel like this is a bigger deal than it seems on the surface! An "Explore" page seems pretty obvious for an exchange, and yet Uniswap hasn't implemented it before. Why? I wonder if that was done to avoid being seen as offering specific tokens to the public by the regulators. If that's no longer a concern, is there some regulatory change they're expecting and positioning themselves for?

I think you're right. This move goes in sync with Uniswap Foundation moving forward with the idea of dividend sharing with $UNI token holders: https://news.kiwistand.com/stories?index=0x65d8bb8a97329977f374807652590c379d81f646041ce319b3b17962a4c5bc00a94292cf Maybe they have some insight via a16z (their largest investor), which does a lot of lobbying in the DC?

Mhh, I'd say the reason why Uniswap is lately capitalizing on more tightly integrating the user experience is also because of the fee switch. If you control the website, you control the fee flow. Remember that post from Micah Zoltu recently that stated that Uniswap lawyers sued him for hosting an alternative frontend. Those actions seem to square. They also launched uni.eth nicknames.