Let's just say I'm still waiting on my 7,000,000 Pepsi Points Harrier Jet to be fulfilled.

https://en.wikipedia.org/wiki/Leonard_v._Pepsico,_Inc.

That they managed to work the concept of "puffery" (their propaganda term for lies) into the law tells you everything you need to know about advertising industry ethics.

That's not a fair argument.

It's pretty clear that there's a universally understandable difference between these two advertising statements:

"Bill Davis is the greatest real estate agent in the history of world civilization."

"Bill Davis has sold more real estate than any other agent in Des Moines this year."

In all fairness though, a typical conservative legal department is going to take one look at that first statement and ask for documentation that it's true. Which, of course, you won't be able to provide.

Not everything said by a company spokesperson or written on a web page is fully vetted by legal but ads specifically often are.

I mean I don't believe Trix are only suitable for consumption by kids, does that count as an advertising industry lie too?

Any liability claim you have to harm from the cereal would be denied based upon misuse for the targeted age range.