I think the point is not that this statement is incorrect, but rather that it doesn’t accurately convey the severity of the situation. More accurate would be: “manipulation of their audience is their product”.
One of the nice touches in "Gravy Planet" (1952) are the throwaway sentences that show, via revealed preferences, how the ad-exec protagonist is also a product of the system he helped create.
Compare the parallel logic of "steers are not the product: this ranch is funded by meat buyers so it remains free for cattle."
Go da we da peyeting. (follow the money)