It is most certainly a sales pitch. Private cord blood banks feed off of expecting parents fears. Consider delayed cord clamping, which is recommended by the WHO as something that is beneficial to your baby NOW, or bank the blood in a public bank for any child who may need it. Unless you have a genetic condition that you expect your baby to need cord blood, private banking is expensive and generally unnecessary.
If you routinely go to timeshare pitches for the free cruise or whatever, and are skilled at ignoring the sales pitch, then maybe the free dinner is worth it to you. But otherwise, I'd avoid.