My Riedell insoles (TS 875 boots) were not made of the same material. They had a softer foamy feel.
I am sure it is some sort of polymer. You have probably seen a demo with rubber balls bouncing off. One, that were made of traditional (ordered molecules) rubber bounced high and the other (made of non-ordered molecules) did not. The question is, does it really translate to skating... The adult skaters who chimed in, claimed these insoles were wonderful!
I could see this material being built into the toe area of the boot, since you land jumps on the toe. I am not sure how much shock absorption is needed when you are not in the process of landing. The adult skaters said having the insoles makes you feel less tired- could be a placebo effect :-)