Well, guess it were hardware types, who performed the repairs, or they just didn't have necessary equipment (an AVR board like Arduino or PC with an old parallel "LPT" port will suffice, hardware-wise) at hand, so it was easier for them to solve it that way. :)
I was 99% positive the same could be achieved by messing with EEPROM. And, indeed, less than 10 minutes of searching yielded this unsurprising result: http://arduino.ada-language.com/recovering-ibm-thinkpad-t42-...
tl;dr: Nope, T42's BIOS password is not secure if you allow anyone with necessary hardware to touch the motherboard for a minute. TPM may (depending on the laptop model and firmware revision) prevent password recovery but will likely not prevent anyone from resetting them - at least this seems to be the case with Thinkpads. Next time I'll clean dust from my X300, maybe I'll remember this thread and check its EEPROM too. :)
So, do not rely on BIOS passwords as a strong security measure.