Ages ago, the NEMA definition of "Service Factor" used to mention it being suitable for a "intermittent" use, without ever actually defining what "intermittent" meant. Somewhere a couple of decades ago, NEMA amended it to remove all reference to SF having a time frame associated with it, so OEMs have been using that to run motors into the SF continuously. What NEMA says now though is a bit more namby-pamby...'
So from the OEM's perspective, if that "reduced life expectancy" is still beyond their stated warranty period for their equipment, they are good with it. It's only the end user that suffers.
NEC at least covers this with a whole intermittent duty chart. You can calculate this out using %TCU. I would think that anyone selling this type of equipment should run those calculations because otherwise they would eat a lot of warranty claims. Especially submersibles are a VERY specialized motor. There are only a few (less than 4) motor shops in the US with the equipment to rebuild most of them. Most motor shops offer rebuild services but send the stators out to one of the specialty shops.
Not surprised about submersible life though for MOST users. This is not a normal application. The motor is water cooled. So cooling depends on temperature and clearly when it is sitting in a hole full of water at ground temperatures or better, it might last far longer.