An old drunk showed me a similar demonstration (about 40 years ago) using plain water and lightly crumpled aluminum foil. It works equally as well and doesn’t leave sugary glop down in the crevasses of the oxidized chrome.
This works because Coke and Pepsi contain phosphoric acid which is the active ingredient in rust-removing products such as Naval Jelly, etc. that you can buy in the store.
Well, Coke dissolves nails, guess the next time my guts get rusty I will have one.