1. The card you applied for is issued by FNBO, not Amex. So while it uses the Amex network, it isn't issued by Amex and therefore doesn't have the backdating, return policy, 3x CLI, soft pulls for further cards, etc. that are ONLY associated with cards actually issued by Amex.
2. FNBO manually reviews all applications, so don't assume that you have been declined.
3. There was a wave of threads about FNBO preapprovals about a month ago and at that time, no member reported getting rejected after receiving such a letter. The main issue is that they can only see your credit report when they extend the offer. So if something bad popped on your report since they softed you, or you are unemployed, or your income has changed substantially recently, or you have a ton of new cards reporting in the last month, you might get rejected. But if you have a decent income, a good work history and nothing major has happened to your report in the last 60 days or so, you should be ok.
4. Every lender means something different by "preapproval". Some are based on a bulk list they bought from Experian and mean nothing. Some are "invitation to apply", which also means nothing. But there are people who report getting rejected for Citi cards, then reapplying after getting an offer letter and getting approved. Amex is pretty good about approvals for the cards they list as preapproved on their site, etc.
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