The "Less is more" statement is very subjective to me. I beleive this statement applies when there is too much going on the design. During our design process, we tend to add so many visual elements (unnecessary) in the layout, which sometimes makes the design messy. Then we start to remove those elements to make it simpler until it looks clean and meaningful.
A designer knows he has achieved perfection not when there is nothing left to add, but when there is nothing left to take away.
-Antoine de Saint-Exupery
So according to that Pinterest's current logo already looks simpler ("less"). It has the pin with "P" which is
visually interesting and represented in a very
casual way. On the other hand, your version looks bit bold and formal which might be the opposit.
Also, there are some visual issues in your alternative version, which I've marked below -
