Found this while searching for "Pachmayr Compacs with S&W medallions." They apparently don't exist, but I wanted to answer the OP's question, since no one did. Anyway, they put those medallions on their grips because it's their medallion, and their grips. Just like Smith puts its medallions on its grips. I don't especially like them either, and they were shrewd enough to make them larger than S&W meds, so you can't just pop 'em out and replace them, but the bottom line is, they put their brand on their product, and that's to be expected. Isn't it?
Funny how S&W (and Colt) guys want to uni-brand their guns -- don't get me wrong, I do too. I want S&W meds on my S&W, damn it. Jump into ARs and it's a different story. Those sport accessories representing multiple brands, clearly and proudly marked. Even Glocks get accessorized, and that's not easy. I guess it's just us.