Well, you could look at it that way, or you could say that the fact that it's broadcasting all the time is the steganography. That constant transmission of nonsense that nobody wants is what makes it fail to be suspicious when you send a message that somebody does want.
We don't know that it's a key that's being sent. For all we know, it could be just random data. Obviously it's most likely not random data, but ciphertext. Either way, we have no idea what the message is.