Right, though that's a different case I think. You're talking about trying to replicate some kind of innovative startup environment within a big company. My read here is a bit different, that IAC had an idea for how to enter this space, knew what they wanted to build there and even assigned employees to start building it, but needed a better media story than "Match.com launches hookup app". So instead they cooked up a hot startup led by young cofounders launching a new "dating" app— but where the startup happens to be an IAC subsidiary and implementing the IAC market strategy, which is omitted from the branding.
In a way I think it's the opposite story of skunkworks. Those try to replicate a startup-like independence while also emphasizing the parent brand's ultimate credit for any output (e.g. ZFS was developed by a Sun skunkworks and proudly claimed by Sun). Here it looks like IAC wanted exactly the opposite: a fake startup that didn't really have independence and instead just implemented IAC's strategy for this vertical, but which emphasized its own brand and kept quiet about the parent brand.
One other area I can think of where that's fairly common recently is in fake microbrews launched by the big brewing companies. The recipes and market positioning are entirely dictated by the parent company, but there's a kind of microbrewing identity that is presented to the public.