They have a big frontpage on their website about it too:
https://www.hoover.com/usa/
It really means it was made overseas with China pride and materials, then all the parts are boxed up, shipped back to the USA, to be assembled in the USA, and then shipped back out again to the retail stores as a complete vacuum.
"Made in the USA with globally sourced components" is just the same thing as "certified pre owned" for car dealers. Just a fancy way of saying that you're getting a used car. In this case, it means Hoover is still making vacuums in China, but instead of paying a 8 year old 5 cents an hour or a fleet or robots to assemble it, they have American workers assembling it. Mainly for quality control purposes.
Maybe Hoover wisened up that a lot of people complained about vacuums not working out of the box due to being mis-wired or not put together right at the factory so they decided to have them assembled here now.
The bottom line is plastic is still going to be plastic no matter where it's made, but it's not a bad thing if you can have properly trained eyes and experienced workers putting the parts together to make sure everything is tested and on the level.
It's something I wouldn't mind doing. My aunt used to work for Oreck in the early 90's doing the same thing. Oh I just now read that the assembly plant is in Cookeville TN, how much you want to bet that's the old Oreck plant?