The keyboard decoder chip inside the keyboard can detect if it is
connected to a passive adapter plug and switch from USB to PS/2 mode.
Or it starts off looking for signals on the 2 non-power lines and decides
based on what it sees there whether to go into USB or PS/2 mode.
I am well aware of how passive converters can work if the device is
designed for them. The problem is that we're talking about the Model M
keyboard, which IIRC was designed in the mid 1980s, long before USB was
thoguth of. I don't see how a passive converter could work with that
keyboard (in fact I am sure it can't)
-tony