I suspect many people would object to humans being called products. But if a product is defined as an output of a process that is intended to be fit for certain purposes, does that not describe what many people expect from the educational system?
Oxforddictionaries.com: 2a thing or person that is the result of an action or process:her perpetual suntan was the product of a solarium a person whose character and identity have been formed by a particular period or situation:an ageing academic who is a product of the 1960s
I would think the other possibility, that the "treatment" is a product, should be less problematic for most people. In fact, it may be a good way to view education. But then perhaps some educators think that they themselves have been "productized", and object more or less along the lines of the above mentioned resistance to seeing humans as products.
Going back to the original article though, I got the sense that a lot of the measurements (or pseudo measurements) being generated in today's system are not clearly attributable to supporting either view.