@JoeBerner Yes there are two model catgory construction. One due to Fabien Morel "Ensembles profinis simpliciaux et interprétation géométrique du foncteur T" and one due to Isaksen "Completion of pro-spaces". There is also an infinity-categorical version due to Lurie. Together with Ilan Barnea and Yonatan Harpaz, we have written a paper (
geoffroy.horel.org/Pro-categories.pdf) in which we compare these three constructions.