If anyone wants to strip you of your "Senior" title, run.
I thought that was incredibly reasonable. For what it's worth, I do not use "senior" on my résumé and if I'm ever asked why I got downgraded after multiple senior positions I'll happily tell this story.
The mid-career midwestern enterprise line of business developer working for companies no one's ever heard of should cling to the Senior title for dear life. Losing it would signal a spectacular flame out.