I think most of the engineering is done by the foundry, either on their own or at the prodding of the club company. Golfsmith was selling C455 steel faced fairways 20 years ago. Now TM does it and it’s some sort of revaluation.
I just tried out the Ram FX77 which is similar to several club heads and performed as well as an iron can. A little short on toe ward shots compared to the Maltby KE4 Tour+ but most irons aren’t as forgiving as the Maltby is.