No it depends on how you feel about fraud. The reason this is a big deal isn't the pollution though that is not a trivial part of it. No the big deal is that this company intentionally defrauded millions of customers. They promised their technology worked in a way that it didn't.
Did they really? Did they actually promise their customers in writing that their cars emit below a certain level of NOx? Did they promise anywhere that their cars would emit the same on the highway as in an emissions testing facility? If not, I'm really not sure how the customers were defrauded.