Yeah, that's exactly the reason.
Quote:
They thought that a child would not want to read a book with the word "philosopher" in the title and, after some discussion, the American edition was published in October 1998 under the title Rowling suggested, Harry Potter and the Sorcerer's Stone. Rowling claimed that she regretted this change and would have fought it if she had been in a stronger position at the time. Philip Nel has pointed out that the change lost the connection with alchemy, and the meaning of some other terms changed in translation, for example from UK English "muffin" to US English "crumpet".
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I didn't learn about the history of the Philosopher's Stone until after I read the first book. Makes me sad they changed it.
I never noticed in the movie. Assumed they kept the change. Will have to see when rewatch.