These commercials are made to lure tech talent by letting them know they're more than the industrial mechanical company they used to be and need people with modern tech skill sets as opposed to knowing how to sling a hammer.

At a smaller scale, certainly. If you're talking thousands of developers, marketing yourself as a good place to work becomes cheaper than paying well (i.e., actually being a good place to work).

You can bet they paid zillions to McKinsey or someone, to absolutely minimize their costs for doing it.