The hardware isn't elastic, obviously. But if a IT department sets up a Oxide rack, then the software development department can get the same sort of "on-demand 'elastic' resources" provisioned in that rack. I think that's what they're getting at. But yeah, obviously hardware itself can't be on-demand.
By that metric even VMware's vSphere with its abominable excuses for APIs also count as elastic.
If you have to manage the hardware yourself, have to plan and pay for upfront for the maximum capacity you would need, and there are fixed limits you can hit and have to plan around yourself, it's not elastic.
Which is kind of wrong, because there is nothing elastic nor "on demand" about metal you buy.