If SOP in VMC says ”stable at 500 ft”, and assuming ”stable” includes ”landing checklist complete”, that seems a bit on the edge of being stable. Although we know they weren’t stable, they obviously thought they were (otherwise they would go around for a second attempt).
So at 500ft they completed the landing checklist and concluded they were stable. I guess they missed the point “engines spooled up” probably because they trusted the A/T.
Now, in VMC with the required “stable at 500”, the landing checklist
MUST be completed at (or rather before) 500. If flaps cannot be fully extended (or flap 30 selected) at 180 knots, and they had to maintain 180 to 5, the workload seems to pile up. Landing configuration and landing checklist to be completed in less than 90 seconds. Looking at the data from FlightAware, the Asiana pilots delayed the slow-down from 180 at 5, shrinking the time to get stable.