Makes one Bootable USB Lion installer from Apple's provided PKG (2021)

Mac OS X Lion installer.txt

# This is not intended to be guide, I just wrote it as a reminder to myself of the steps necessary.
# If you find it useful, that's great, but keep in mind the paths and device ID's will need
# to be adjusted to your case. And you may need sudo if you are not doing this while booted from recovery like I did.

Get the InstallMacOSX.dmg from https://support.apple.com/kb/DL2077?locale=en_US

Mount the image
  hdiutil mount InstallMacOSX.dmg

cd /Volumes/Install\ Mac\ OS\ X

Copy to a tmp location
  mktemp -d                                                                                           
    /var/folders/v6/s_rd76bx78j5mpjxl1b0yn5m0000gn/T/tmp.plAsi6ls
  cp InstallMacOSX.pkg /var/folders/v6/s_rd76bx78j5mpjxl1b0yn5m0000gn/T/tmp.plAsi6ls/
  cd /var/folders/v6/s_rd76bx78j5mpjxl1b0yn5m0000gn/T/tmp.plAsi6ls/
  
Change extension to xar
  mv InstallMacOSX.pkg InstallMacOSX.xar

Unarchive
  xar -xf InstallMacOSX.xar

Get the install media from the extracted package
  mv InstallMacOSX.pkg/InstallESD.dmg .
    
Restore the install media to a USB drive (in this case /dev/disk4)
  asr restore --source InstallESD.dmg --target /dev/disk4 --erase

Thanks @zhukovgreen