It's classified now as a "dwarf planet".
Like many things, we just learned too much over time. It is the second-biggest dwarf planet, the asteroid Eris being bigger.
It's reclassification came about because about twenty years ago astronomers decided to get more precise in their classifications and agreed to come up with a definition for "planet" because the only definition was what it meant in Greek: "wanderer".
So a "planet" has to have three characteristics: 1) It has to have enough gravity to be round; 2) It has to be the dominant body in its system (Our moon is almost as large as Mercury); and 3) It must have cleared its orbit of debris. Pluto meets the first two, but not the third. It has only about a fifth the mass of the moon, so its orbit still has a lot of space junk.