It kinda is. Most of the package maintainers are Red Hat or IBM employees. Red Hat has special roles in the governance structure which no other organisation has. Red Hat provides pretty much all the technical infrastructure (web hosting, repositories, build servers etc.) to the project gratis. Red Hat even own the trademarks to the Fedora name and logo.

The community governance structure is real and good, but it’s denying reality to pretend that Fedora isn’t tightly bound to Red Hat.