I doubt it's going to be very hackable. The control is likely either ASIC, mask ROM, or at least protected (including the label ground off?), and replacing it will likely require knowledge of resonant power control and protection algorithms, in DSP, with hard real-time requirements.
But as for how it works, sure -- it's pulsing infrequently, and when it detects a change in the frequency and/or damping of the ringdown, it starts up. It stops when it detects too little load (which might manifest as, too high voltage on the resonant node). These are different conditions so it makes sense for there to be generous hysteresis between them.
Is the pot in question, an induction-compatible (usually steel-bottomed) pan, or no?
Tim