I agree that the fancy legal/business structures are offputting.
On the other hand, AT&T is making a strong endorsement of the product by offering it under their name. Since the customer trusts AT&T when it comes to telephony technology, this saves a lot of money for the 'subsidiaries and affiliates' on marketing etc. AT&T saves money by not having to develop their own in-house product.
Who doesn't win here?