The copper is not etched, its plated on (after the first 1oz or so).
In PCB production, copper is plated after drilling vias, and only after that traces are etched. So they are indeed etched.
i doubt they use standard process for such a monstrosity. if it was etched, then it would show signs of significant under-etching (top of the trace wider than bottom). the picture actually shows the opposite the traces are wider at the bottom.
if you would want to make it by plating , then i think you could easilly make them this way:
use standard 1oz copper clad
1. drill with larger diameter
2. fotoresist negative - traces exposed
2. copper plate - freaking long time to build up the monstrous layer
3. tin plate (act as etch resist for alkali etching process)
4. remove fotoresist + alkali etch
5. remove tin plate + do whatever plating is required
6. solder mask
7. drill the holes again with final diameter (they would be clogged by copper)
actually it's very similar to a standard process, just the plating part would be very long + twice the drilling