No lasers, no molding. Just screen printing and die cutting.
HP overlays were made from a 3M product line called "Scotchcal" which is still available. The product is comprised of the base substrates made of vinyl with various surface textures, the inks required for printing on said substrates and the pressure sensitive adhesives that might be applied after printing.
The process for the HP41 keyboard surround was:
- Start with a clear, matte finish substrate
- On what becomes the back, print the orange key legends
- Print gold surround band
- Print the "four corner bleed" black
- Die cut the key holes
- Apply the adhesive from a die cut carrier sheet
- Apply to the calculator
If the overlay was to be removable, there was no adhesive applied and the die cut shape was perhaps a bit different with locking tabs, depending upon the application.
I suspect the entire process up to the last step was done on a continuous roll as that is how the base substrate and adhesives are sold - which makes for a cost effective, continuous process.
You'll find that you can only buy the materials in bulk and it is quite costly. For small runs, you'll do much better to ask 3M for references to companies that use their products to produce finished product to specification.