I was checking the ingredients in some products by Got2B and Sexy Hair Concepts , another brand that features soy in most of their products. Both of them use soy glycine. Most of the other products I've seen that just happen to use soy but don't feature it use hydrolyzed soy protein, the same as the lotions. The soy based hair minimimizing lotions work on the root, not already existing hair. They claim that "new" hair will grow in finer. And, it does.
I think I would trust a Got2B or a Sexy Hair Concepts product over something that uses hydrolized soy protein because these companies center their entire product line around soy and they've chosen to use soy glycine. I would think if they believe in soy so strongly, they must have done thier research and use a variant of soy that will benefit hair instead of harm it.
And don't think companies would hesitate to use a potentially harmful ingredient. Look at the tobacco companies. For decades they knew that nicotine in cigarettes caused cancer before the public knew, yet they kept that knowledge on the hush-hush and continued to make their money. I'm not equating hydrolized soy protein with nicotine, I'm just giving an example.