I see these cool peg board tool racks all over the place with things hanging on them but can't figure out how to get other things in my inventory to work on them. Is there something I'm missing?

No, it's not a game mechanic. When you use the Creation Kit(like the devs did to add that clutter) you can set an object to temperarily have no collision(won't move) until the player interacts with it. that is how they get all the clutter(moveable objects) into and on to things in wouldn't normally do with the physics enabled.

I would call that false advertising. It was one of the things that added to the excitement of building a settlement. Someone should make that happen.

It would only be false advertising if they showed the player hanging the tools and likely a mod will be made using skyrim's weapon mounts as starting point if beth doesn't already have a similiar script in FO4

Yeah, just bummed. I'm still loving the game anyway. I'm sure you're right. Someone will fix it.