I had assumed that it would have been monitored by Steinberg staff, as a sales tool. No matter!
Shortly after the original Padshop appeared as part of a Cubase upgrade, there was an offer to purchase an additional license to transform it into Padshop Pro (i.e. Padshop Pro, version “1”), which runs within other DAWs as a plugin, but there’s no standalone version. This license appears in eLCC as “Padshop Pro Extension”. I can move that license to another USB eLicenser that doesn’t also contain a recent (pre-10.5) Cubase license and Padshop Pro will run within e.g. Reaper.
The current summer sale has two Padshop 2 offers, the “upgrade” and the “update”. According to the note the “upgrade” is “incompatible with the Cubase included version of Padshop”, however that note confusingly refers to the “upgrade” as an “update” (“this update is only for separately purchased Padshop”):
Good news! People who have a seperate “Padshop Pro Extension” license can avail of the current 50%-off summer sale (until 23-Sep-2021) and update to Padshop 2 with this: “Padshop 2 Update from Padshop Pro”.