It looks to me like you can create a repository of locations (rather than having to manually input locations each time). (Note: I don't have this interface yet, so I am basing this on your screenshots)
Account Name and Description look like just information you can use to identify the location (I don't think it has any bearing on the behaviour or connectivity)
Hostname has always existed, that is the FTP URL or FTP IP address. This is what you are connecting to.
Location Name and Description look like duplication for Account Name and Description... that is confusing.. here is the documentation (https://experienceleague.adobe.com/docs/analytics/export/data-warehouse/dw-create-request/dw-request...) it's almost like they are using "Location" to distinguish similar "accounts"... but why you wouldn't just make the account names and descriptions distinguish it... I don't know....
Directory Path also always existed, this is the folder structure in your FTP where you want the files to be dropped.. if you just need it in the root, I assume you would just use "/"
Good Luck
