The title doesn’t do much for me, but I guess it’s okay. PTA’s film is set in Los Angeles in the early to mid ’70s. Back then Licorice Pizza was a Southern California-based record store chain with 34 locations, including one on the Sunset Strip.
Ruimy has linked to a Reddit guy named The_Horace_Wimp who claims to have attended a London screening of a 35mm print of American Graffiti earlier today, and that the trailer for Licorice Pizza played before it began. Others on Twitter are also reporting that this new title is legit.