I always thought Titanic also should have been MA rating, in Australia it is M rating, it is PG-13 in US I think was due to Paramount as a MPAA member.
The matrix in a lot of countries got equivalent of PG-13, in Australia it is M rating, which I think is fairer. I don't know what happened with WB, it really has been more of a bitch in MPAA, at least with the matrix movies. I don't think the R rating happened naturally, I think it could have been the other members did it to WB, to avoid the competition at the time.
Titanic did well I think to many movie executives was more of a surprise. The matrix movie on the other hand anyone with a brain after watching would have known it was going to be a killer in terms of box office. If they let the matrix getting a PG-13 rating, all the other movies released around the same time would have tanked.
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