Sorry to burst the bubble,
I think you will find that 500hrs is significantly different from 500hrs multi crew commercial time (airline or multi crew operation). As well as that if your 500hrs are not jet time then they are factorised by a factor of 0.6/0.8 etc depending on what type of time it is.
Doesnt hide the basic fact that the entry requirements are reducing though. Maybe in the future as supply and demand trends change they may reduce again. Best of luck for all the Job Hunting
Regards
R.I