I agree with you, although if a "ball park hotdog" is what I imagine, I doubt it has much real meat. It is probably protein and coloring. I think in the USA they can call it mechanically separated meat.
A friend worked at a protein extraction plant here in New Zealand. They extracted the grey goopy protein from animal offcuts for the "fake sausage" industry. Just about any unused animal part was used. In New Zealand a real sausage has to contain at least 50% actual meat.