Lenat's "next gen Eurisko", Cyc, hasn't been nearly as impressive as Eurisko is supposed to have been.
It matches the theory "AI advance way ahead of his time that Lenat keeps secret with a cover story" ... but I think Occam favors your explanation now.
This might be the case for all I know; As you say, Occam favors a simpler explanation. But that's not what bothers me - what bothers me is that so many references just take this folklore as truth without any critical thought.
I first read about Eurisko in a book[0] (the existence of which is hard to confirm on the Internet - kind of surprising). I was 12, it looked fantastic then, but it was fantastic of the "when I know a little more, I might have a grasp of how that works". But it's been 30 years since - and now, with a little bit of knowledge and scepticism under my belt, I'm almost sure that -- however impressive Eurisko might have been -- none of the praise written about Eurisko was written by someone who had witnessed it working or was even able to critically review its output.
Not much different than any other kind of lore. Definitely not science or technology.
[0] http://www.acornelectron.co.uk/books/info/methuen/The_Hitch_...