I don't get the concept of equipment rating. What does that exactly mean? I understand lugs being rated for certain temp but say the enclosure of panelboard or whatever they would mean by "equipment" when referring to a panel.
It's not necessarily that any piece of material in the equipment necessarily reaches a temperature of 75C. The wire ampacity table is based on the conductor carrying its full load in (usually) 30C air, and staying within safe margins of the temperature rating (60C, 75C, or 90C), so it doesn't damage the insulation. The 110.14(C) termination rules use the framework of the conductor ampacity table, but with other factors being tested, than just exceeding a temperature.
From what I understand about the testing, they connect the equipment with 75C sized wiring to its test source/load, provide a background temperature of (usually) 40C, and test that it can safely operate at those conditions. For instance, 300A equipment, would be tested at its full rating with 350 kcmil Cu wiring and 500 kcmil AL wiring, to confirm that neither causes problems for the equipment. This confirms a 75C termination rating. For a 90C termination rating, they'd need to test it with 300 kcmil Cu and 400 kcmil AL wiring, and have it pass the same tests.
It's very common that the lug itself is rated for 90C, but the equipment is limited to 75C, or much less common, 60C. It's a special case that you get to take credit for the lug's 90C rating. Such as if it's part of 90C rated equipment, or if it's separately-installed in an empty enclosure.