It’s raised and on some black letters you can see there are lines on the surface with a different light reflection like the nozzle does on TPU.

it’s printed on colors that are typically available on TPU (it’s not like pla that comes in every conceivable color)

It has a weird drop shape when closed, like if it was designed to be printed flat

He says “weeks to make them” when showing a dozen. With a week of production in pad printing you can do millions of units.

With pad printing he could have used the traditional round rubber bands