The main reason it's not fair to compare with HPS stated lumen values is because of reflector losses. Most people don't grow vertically.
It was just a rough back of the napkin calculation. You're going to get much higher yields because of all the reasons people mentioned already, but also because the heat is lower, so you can place these boards much closer to the plants, so you lose less to the inverse square law. EXPONENTIAL LOSSES ARE A BIG DEAL!
This is how induction lights at 1/2 the efficacy can still provide more yield watt-for-watt compared to HPS. You can run them twice as close, which means they're 4x as bright.
https://en.wikipedia.org/wiki/Inverse-square_law