The max efficacy woulod be 683 lm/w. Blue LEDs can reach 1/3 of the theoretical maximum.
Like, I'm sure we can agree high power LEDs have gigantic heatsinks and fans for other reasons than cosmetic.
The second thing is white paint. You need less outdoor lighting if the built environment absorbs less light.
In the 1800s the steam engine was the most efficient way of producing work from heat, but that still didn't make it objectively efficient.
https://hackaday.com/2021/01/17/leds-from-dubai-the-royal-li...
Looks like they're bringing this idea to the rest of the world:
https://www.lighting.philips.co.uk/consumer/p/led-bulb/87195...
If you asked me to build a house and I threw away more than half of the bricks you'd call me crazy. But when it comes to leds it's called "incredible efficiency". It's only efficient in comparison to the other options, not in any objective sense.
Now sure there are subcategories where 100% efficiency is the maximum theoretical efficiency (like the carnot cycle limit of 37% for heat engines), but that's already misleading info if not specified.