Why is the Pledge of Allegiance on the Pepsi can missing the words under God?

Answer 1

Those were the traditional words of the Pledge, before the Republicans modified the wording in the 1950s. Pepsi either prefers the original wording or does not wish to offend some of their customers.

Answer 2

The email dates from late early 2002, so it isn't new. And the can was not a Pepsi can, or a Coca-Cola can as another version of the email contends. The new can was actually produced by Dr Pepper, which issued it in mid-November

It started when Dr Pepper, in response to the 9-11 terrorist attacks, produced a can with the Statue of Liberty (not the Empire State Building as the email states) and the words "One nation ... indivisible." The entire pledge was not reproduced but choosing to use the words that surround the phrase, "under God" and replacing that phrase with ellipses is what they did.