Yes like eComstation, Blue Lion (or sorry - ArcaOS) is a licensed finished product, and IBM allowed licensed use of the final OS/2 with the convenience pack and security update installed. The Blue Lion folks just added their own toys like eComstation did.
I tried running eComstation 2x on a VM a couple years ago. QTWeb was about the only browser I could reliably get working, but it was slow as snot. These companies are trying to cash in on a deprived market who want a new OS/2 version on bare metal. For eComstation, you had to buy the release of OpenOffice that they had available. Completely silly I think.