No, it's more like the wealth of other adjectives that follow the pattern of "having/with -ance" -> "-ant". Important, significant, brilliant, vigilant, cognizant, dissonant, exuberant, invariant, radiant, elegant, abundant, ...

I suppose you could say that someone using just about any of those words is trying to sound smart or overly formal, and so we should deny their status as words to bring the speakers down a notch.