When you search for Leadpages the first PPC result is for Instapage as per below:
When you search for Instapage the second PPC result is run by Leadpages:
Now from a conversions point of view it is evident that these tactics may work. Yet the question it so what degree!
In some cases this strategy can make your brand look less favorable if you go into the market and attack another company. In this case each company is going after one another so you would say it is fair. Yet in a high end brand situation it could be risky to employ such tactics via PPC.
From a search volume point of view Leadpages is the clear winner as per trends data below, so you can see why brands are hitting the terms hard –
If you pull competitive data on both of the companies you see they also must run clients Adwords from sub domains within the specific sites which is interesting to see.
Overall I thought this specific case of brand term marketing was a interesting one.