Using an attiny85 uC, a couple resistors, a cap, and a couple diodes I had laying around, I was able to wire up a two terminal "device" that pretty much acts like a 5k pull up resistor on a I2C line.... But when you pass data through the signal line (SDA) wire it can read and modify it. It is crude and very limited, but it works (only at lower I2C data rates in this case, but hey, it's a cheap hack).
A nation state adversary could trivially miniaturize this to the size and form of an SMT resistor, and use a much more capable uC in the process.
Im not saying that this substantiates the Bloomberg story in any way.
Just saying it's a great (black hat) idea, and it works.
It would surprise me a little if this weren't used in the wild by somebody.