So if a company uses as part of its marketing for a product the phrase "advanced security, privacy, and connectivity for homes of every shape and size" and then is later found to have lied about the "advanced security" and "privacy" part of their marketing by shipping firmware with security bugs, does that not now fall under the "deceptive" category of the "unfair, deceptive and fraudulent business practices" part of the FTC's mission?

Sounds like it does to me. Also you're forgetting the part where the FTC under a prior administration either banned DLINK from selling in the US or heavily fined them for selling routers in the US that they knew were running insecure, buggy firmware.

(both quotes were taken verbatim from first, Netgear's US website, and secondly the Bureau of Consumer Protections' section of the FTC's website)