The behaviors that emerge — hysteresis, oscillation, bistable memory — are the same computational primitives you see in biological neural circuits, but they come from constraint satisfaction over conserved quantities instead of simulating neurons. The architecture doesn't model neurons at all. It produces the same outputs through a different mechanism. Whether that still counts as "neuromorphic" is debatable — I use the term because the output behaviors map directly to the same hardware substrates (Loihi, SpiNNaker, etc).