Reading very quickly through the mandate, the organisation is USA IFBB Elite. In Europe, Elite dominates, with Pro League the lesser organisation.
In USA it seems to be the reverse, with Pro League the dominant organisation. So maybe this new organisiation is there to promote Elite in the USA? This is what it suggests in it's mandate.

Interestingly, in Europe, there is a mass defection of "Physique" athletes to Pro League, as Elite favours Bikini, Wellness type physiques, and rumour has it that Physique may disappear from Elite.

Anyway, the site for the new USA organisation is here https://ifbbphysiqueamerica.com

Ok, for what I could gather and understand, the thing is something like this.

Arround 2010 the IFBB split in two. The IFBB that was in the US that held the Olympia Arnold Classic and the Pro events in the US, and the IFBB World that gathered all the other federations from all over the globe. The IFBBUS held all the pro shows while the IFBBW held all the amateur shows through each countries respective federation. That's why it was so hard for non-us competitors to participate in Pro shows or even get their pro-card. When you had an international amateur event in the US like the Olympia amateur or the AC Amateur judges from the IFBBW would participate in said events.
At the 2017 Olympia there was a very big problem with the judging because the IFBBUS didn't allow IFBBW judges to participate in the amateur events. Because of this, the IFBBW's federations got toghether and decided to fully separate from the IFBBUS and the NPC (wich is the real owner of the IFBBUS).
Because of the split, there were no more Pro events for the athletes. The IFBBW decided to create their own PRO events and that's when the IFBB Elite Pro is born.
THe IFBBW remains doinf amateur events with each countries federations. Some of those events, and the interregional events give the winners the IFBB Elite card, wich is something like a pro-card but without price money. However as an Elite you can participate in the events of the year and gather pionts from your placings and get a price money based on your ranking at the end of the year. Some Elite events give the winners and other places finnishers the Elite Pro card, wich is the IFBBW version of the old Pro-Card with price money, contracts and other things that escape my mind now.

This new federation in the US that you are pointing out is the one that is inside the IFBBW.

I hope  this clears some things. The matter is way more complicated.