Whatever it is, if the label says Scotts, I would avoid it. Figures some golf course mentality idiot up there in some office thinks it's possible to add some type of synthetic substance to improve upon mother nature's processes. Might be good if you're trying to keep your plastic or silk flowers looking healthy!

It probably works as advertized. There is a valid issue with mulch preventing water penetration, so it's a solution to that issue. But the idea is known as Valued Added. If it costs $0.01 to treat a unit of mulch with polymer, then the additional charge for that unit may be $0.10. It's good for their bottom line, not yours. Fair Trade coffee does the same kind of thing.

Here is a link that might be useful: Polymer

In some 50 years of gardening and mulching the planting beds in all that time I have never seen a problme with the mulches keeping water from getting to the soil. Spending money on a mulch treated to prevent water repellance is not something I consider worthwhile.