It is indirectly.If it makes you feel better I have found a lot of the manufactured weights I have don't actually weigh what they say they do, usually under. I guess it's a profit deal.
Mold volume and thus weight is usually designed with an eye toward using pure lead. However, pure lead is more expensive and in applications where a specific hardness is not an issue, it's more common to use scrap lead that more often than not contains tin, antimony, etc to increase hardness. The resulting alloy is however lighter than pure lead.
In my experience a 5 pound mold will actually cast a 5 pound weight with pure lead, but with wheel weights the resulting weight will be noticeably harder (and more durable) but will only weigh about 4 pounds. It's not all bad though as if you drop a pure lead weight (Brinnel hardness of 5) from waist level on a concrete floor, you'll put a hefty ding in the weight if it lands on an edge. On the other hand if you drop a weight cast from scrap wheel weights (Brinnel hardness of 12-15), you'll hardly notice any damage.
So I suspect the under weighted nature of most scuba weights is related to the alloy used to intentionally save on production costs by recycling a less expensive lead alloy but also to increase the durability of the weight.