yes, those have a buck converter built in to drop the voltage from 4.2v (fully charged) to 1.5V - and ideally they should be able to provide 1.5v from full to flat.
In a similar vein, those USB power banks use 18650 batteries (generally, some use LiPo or LiFePo packs instead) - but USB needs 5v (and ideally 5.xx where xx is determined by the cable resistance so the actual output at the terminating end is 5vdc, so the power bank may actually put 5.33V into the USB A side and get 5vdc out the load side, due to current draw.) so instead of a buck converter, a single cell or parallel cell bank will use a boost converter, to bump 3.6-4.2vdc to 5.x volts.
You may have known this but someone else might not have. A common circuit for boost conversion is called a Joule Thief.