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Was me (thanks @Pifko) :-)
It was done in Photoshop, by chopping pieces of the existing logo up (classic '80s-'90s Specialized logo), re-orienting them and piecing them together to create (by approximation) the letters that aren't in the logo.
The typeface is likely trademarked by Specialized and doesn't exist in the public domain, so DIY is the only way unless you have access the the actual font. Fortunately, the letters are fairly consistent in shape and features, so it's not difficult to create the missing letters, and the more you create, the more resources you have create even more, which is why it didn't take long to produce each variation.
I used Photoshop, because it's what I'm familiar with (I studied Product Design and work as a Design Engineer), but next step would be for a 'proper' graphic designer to create a vector path file in Illustrator (which I don't really know how to use), which can in turn be read by a CNC vinyl cutting machine.
I wish I did have the actual font, as it would mean I wouldn't have to pick these logos out of my
A few weeks ago, some people were sharing some logos where they'd changed the Specialized logo to say 'Moisturized' and things like that.
My basic and n00b question is: how do you do that? I have very basic skills in GIMP (never used PS) but, like, how do you go about shopping a logo like that?