It'll be interesting to see what the manufacturer and treestuff come back with.
Duty cycles, bending radius, knots, rope geometry, loads, static and dynamic, all these things come into play.
Yes, if you load a rope at a higher percentage of its MBS you'll reduce the duty cycles. It's likely to do so in an exponential manner. It's like you are reducing the MBS each time, i.e., that 500 lb load now represents a higher % of the MBS than it did the first time around. When the rope is bent the outer portion of the sheath takes on the full load while the inner portion remains unloaded. Basically, the outer sheath portion has mechanically a lower MBS, fewer fibers carry the load as it were. Now those previous loads were acting on only those few fibers thus weakening them AND the overall capacity of the rope.
Let's say hypothetically, that those fibers strength is reduced 50% but the rope itself is reduced let say 25% or even less. Those stressed fibers are localized to the point that was running through the bend on the outside at the point when the load was highest. What's the likelihood that will occur every time the rope is put into service? Pretty remote but still a chance. When the rope is loaded it is stretched and deformed specially at a bend. The higher the load, the greater the flattening out, the more loading on the outer portion of the rope in the bend.
You've got a convergence point happening where load size, bend ratio, MBS degradation will meet to create the perfect conditions for failure. Add to that the human element whereby a moment's hesitation at a given point, maybe stopping the rope slightly faster and you've got a spike in the load that exceeds the out sheath's MBS.
Once you've put that rope into service it is degrading and losing its MBS. It's possible to look at it as savings in the bank that you can't add to, maybe more an inheritance with no interest; each withdrawal reducing the amount available for the future.