I believe a big part of it has to do with the feedlot diet— when they're eating a high-calorie diet of mostly corn/grain instead of their natural diet of grass, it puts their digestive system into overdrive.
EDIT: I looked into it a bit more after posting this, and it looks like it's not clear-cut— for example, it takes a cow a lot longer to reach slaughter weight eating grass, so even if they're belching less during that time, it's a long enough time that it may be a wash, or even worse: https://www.nytimes.com/2020/10/21/climate/beef-cattle-metha...
EDIT 2: Here's a piece which makes the original case, acknowledging greater direct emissions but claiming a savings that makes up for it from soil sequestration due to grazing: http://newzealmeats.com/blog/grain-fed-vs-grass-fed-beef-gre...