The generous interpretation is that in these cases it's generally possible to recycle the material, and the company is noting that and may well think it would be a really good idea of someone did recycle the things, even though realistically it ain't happening.
The bar set by the bill is much higher than 'could be recycled'. It "ban[s] companies from using the arrows symbol unless they can prove the material is in fact recycled in most California communities, and is used to make new products."
Yeah, I got the same angry feeling that I get when a company write: "Made with real chocolate". Well... no you don't have to write that, it's the product made with fake chocolate that should have a label.
Why would you even put a recycling label on a non-recyclable product, unless you're an asshole.