I agree completely. PADI Deep can be an excellent class, or a waste of time, which it is depends on the instructor and the logistics/location.The PADI Deep specialty is intended for divers with AOW, not sure where you’re getting the idea that it’s a class for OW students. It IS the “upgrade” you are looking for.
“Adventure Diver” or AOW is a prerequisite to take Deep; you can’t enroll in it with just an open water cert. (“Adventure Diver” is a subset of AOW, basically three of the five AOW dives).
Whether or not it’s worth it depends a great deal on who you take it with. PADI standards require the course to cover things like how to conduct emergency decompression stops, what to do if you go into deco by accident (but miss your stop), etc. A great instructor will cover dive planning, dive contingencies, secondary air sources, etc.
After I taught AOW Deep, I followed it up for the graduates with a seminar on "going into deco" which required use of two computers, one set on air and one on Nitrox. We all dived Nitrox, but used the air computer to plan and guide the dive. We went to 100 ft (10 ft within our Nitrox MOD) and stayed there until all the air computers showed deco, but all the Nitrox computers were still within NDL, of course. We tried to stay at 100 ft long enough to accumulate a few minutes of deco at 10 ft on the air computer, if not a minutes or two at 20 ft, but not so long that any of the Nitrox computers (which were actually controlling our NDL dive) got within a couple of minutes of NDL. Then we all ascended together, following our air computers, and holding whatever deco stops the air computers required. We we finally surfaced from out NDL dive on nitrox, they had been able to see their computers go into deco and how to follow what they said. Did it with three different groups. Worked pretty well.