Well, you're right about Bernays getting too much credit. It's just at the same time he was a major player as well.
After re-reading your comment, I think we are on the same page, more or less. But Lippmann was writing about the very same work and propaganda that Bernays actively participated and "invented" during his time at CPI. Lippmann saw how it played out in 1917-1918, so he wrote about it. Bernays later wrote his book, but it wasn't journalistic work, he wrote from direct experience.
After re-reading your comment, I think we are on the same page, more or less. But Lippmann was writing about the very same work and propaganda that Bernays actively participated and "invented" during his time at CPI. Lippmann saw how it played out in 1917-1918, so he wrote about it. Bernays later wrote his book, but it wasn't journalistic work, he wrote from direct experience.