My presumption of how it works is similar to carbon dosing but this is adding the bacteria to implement nitrate and phosphate into their bodies. Maybe there is organic carbon in them (I think
@Dan_P found this in waste away?). This in simple terms would make sense (i.e. some bacteria and organic carbon in a bottle to lower nitrate and phosphate). Again, different brand, but the same type of product is seemingly sold by multiple companies (I say "seemingly" as it could be different bacterial species). I also know that with waste away, Dr Tim's stated it could be used to seed biopellets, so maybe that might help narrow down the bacteria in that product, and possibly what bacterial species are being used in fritz's product. I might email fritz to ask what species they use (and email Dr. Tims). That might help with clarifying how these products "lower nitrate."
Again, a lot of this is simply me guessing, but I figured I'd throw this out there