Cisco does have a product like Aruba Instant - Cisco WAP500 series. It performs management through Single Point Setup (clustering) without a controller. See: http://ciscobeatsaruba.com/network-solution-comparison-cisco-smb-vs-aruba-instant/
You are correct, but it has differences. Unlike IAP's which can scale to 50+, the WAP's are considered "SMB" with a 16 per cluster limit. the IAP's ability to be converted to Controller based management and it's redundancy built in are also big differences.