Do you have details on the encoding? I'm a bit suspicious of it being actually ultrasonic (device microphones often filter at 20khz or below) - seems more likely it would be audible spectrum noise with a ton of FEC.
[1] https://www.reddit.com/r/AskEngineers/comments/374876/lets_t... [2] https://vimeo.com/177586203
Some preliminary work was done last year to reverse SilverPush[1], but my group and I are planning to take it further.