As one who's worked doing practical chemistry around polymers and coatings for over forty years, that business about "chelating agent" is BS. Sure, it may contain a chelating agent to tie up the black stuff (reduced iron, I believe). But that ain't how it works.
I don't believe citric acid either. The pH is wrong.
My guess is that it's closer to Davefr's comment about reducing sugars (feed grade molasses). I'll bet a nickel Evapo-Rust is based on a weak reducing agent, which gives electrons back to the iron to convert oxide to metal. That's where the black stuff comes from (there's no way it's carbon being extracted from steel), why it gets exhausted when its reducing potential is finished, and why it's safe for plastics, coatings and non-oxide finishes.
A safety data sheet technically needs to show only hazardous ingredients, and even then there are trade secret exemption provisions. The SDS doesn't count as an ingredient disclosure -- not even close.