Sure, but AA have ordered it to fulfil a medium to long mission, with the aircraft mainly expected to serve thinner trans Atlantic routes, combined with SFO/LAX-JFK/BOS transcons. They have a fleet of older A321s with a similar config that they utilising on the transcons already but struggle with poor utilisation as these don't have the range for trans Atlantic. However, they can't generate appropriate yield on other domestic sectors, so the plan is for a bigger fleet and to intermingle with a trans Atlantic fleet to generate necessary utilisation.
On the other hand, Qantas won't utilise it on longer missions, hence the product. People still seem to be convinced that Qantas are somehow bullshitting us and that the XLR with this config is going to be flying long missions, despite their consistent indications that it's a B737 replacement. Yet, on another thread here today, everyone is also speculatively convinced that they're going to be flying 4-class A350s to Asia in a few years.
Markus Svensson's discussion at CAPA a few weeks back was once again pretty clear that it's a B737 replacement. He even explained why it's range is important to Qantas, specifically highlighting how the B737 is payload restricted on westbound transcon sectors. Now if a B737-800 is payload restricted, a A321neo is going to be far more payload restricted.