There is a type of resonant absorber that uses perforations in a semi-flexible panel such as the perfboard you hang tools on in the garage. It's used when you need to extend and/or tune bass traps to a low frequency but have limited space.
My guess is they're doing something similar, except that the "low-frequency" they're extending down to is in the midrange. A 1-inch absorber made of anything is going to have very limited effectiveness below about 3KHz.
You could achieve the same effect by doubling or tripling the thickness of the 703.