Do they adequately explain what L-BTC is and how to get the "real" BTC out of it?
This is what users see in the Aqua app when they navigate to the L-BTC wallet:
I suppose that at least conveys that L-BTC is not the same as real bitcoin.
I'm not sure what's the point of selling L-BTC directly other than to mislead users into buying something they don't need. They could sell BTC and allow to "peg in" if someone wants to.
One reason to buy L-BTC instead: You can transfer it faster and more cheaply, assuming you're sending to compatible services. If someone is just buying coins to send to an exchange, then BTC might be slow and costly by comparison.
But yes, I think they are obviously intent on driving Liquid adoption with this UI.
Side by side, two different assets with two different ticker symbols -- it doesn't occur to me as deceptive. It's nothing like what Bitcoin.com was doing.