No; $dy^i$ is defined in (the cotangent bundle of ) $M_2$ , so that it cannot be written in terms of the basis {$dx^j $} of $M_1$ , if $M_1 \neq M_2$. The pullback allows you to transport the form from being defined in $TM_2$ ( or, eqiovalently, in the tangent spaces at points in $M_2$ ) into being defined in $TM_1$. This is an application of the general case that an n-linear map $B:V_1\times... V_n \rightarrow W_1\times... W_n$ between finite-dimensional vector spaces gives rise to (the dreaded, infamously-overused "ïnduces") an n-linear map $B^*$
$B^*:(
W_1\times... W_n)^* \rightarrow (V_1\times... V_n)^*$
in a "functorial"way, i.e., the assignment of the ïnduced" multilinear map $B^*$ to the original bilinear map B is a functor between categories of vector spaces.