Yeah, but the AF never met that requirement. Even with UPT before syllabus cuts, guys were graduating with less than 200 hours, and going out to fly heavy transport category aircraft. Hell, there were many ACs (and IPs) that got certed before meeting ATP mins (other time excluded since the FAA doesn't count it).
Very true, the AF is self-certifying but part of that justification has been the quality of the training program. Also, remember UPT in FAA equivalency is only a commercial multi engine license. Lots of actual flying at that phase in a civilian pilot’s life, not sim-only.
Edit: part of the disparity is the risk acceptance. The FAA is severely and understandably risk averse towards under-trained pilots flying passengers. The greater the number at risk, the greater the aversion to lack of flying experience. So the AF calculus is different.