That's definitely it. The last two M lenses I purchased new, the 35mm f1.4 FLE and the 21mm f3.4 Super Elmar, on opening the box the hoods were mounted on the lens and the hood caps were on.
The trim rings are contained in cut-outs underneath the lenses in the leather pouches, underneath the regular lens caps you use if you choose to un-mount and not use the hood.
The new, current version lenses that use the updated metal hoods that are notched to screw on and lock in perfect alignment are all packaged that way. The ones I have first-hand experience from either handling in-person or purchasing are the 28 Summicron and Elmarit, the 35 Summicron and Summilux, 21mm Super Elmar, 18mm Super Elmar and 24mm f3.8 Elmar.
I''ll second Larry's comment about the 35mm f1.4 FLE looking better without the hood. I use the Summilux FLE more with the hood on than off more to protect the front element from being banged and my own sometimes fumble fingers than to protect the front element from the sun as the lens seems to work the same against the light with or without the hood, but having it off the viewfinder is much less blocked in the lower-right, and the "look" is much nicer in my opinion, and I am very careful about returning the ring to the case/box so it does not become lost. I've not checked into the cost of needing to replace it, but it's probably not hard or incorrect predicting it would be a very expensive ring to have to buy separately.