Maybe not 500lbs but somebody could certainly eventually deadlift 400lbs from 3x8 minutes once a week, as long as they keep it intense and keep increasing the weight. I say that as someone who can deadlift more than 400lbs after many years of practicing around 30 minutes/week. If you're lifting hard, a week is barely enough time for the body to recover anyway.
I believe you, but you are really confusing people who don't know what it takes like the poster above.
"I feel that is roughly equivalent to dead lifting 500 lbs."
It is and it's not. No one naturally deadlifts 500lbs. Maybe 315, maybe. 500lbs is 3+ years of training. Most won't ever hit it even after 10. (Diet, sleep, injuries). A lot of 10 year olds can run 6min miles due to low bw though. It's two completely different standards.
With that said, you are absolute underrating the difficulty of both.
It's a good tidbit for "something is better than nothing", but no more than that.