Not sure if it is a party trick, but it is definitely not elite in the sense a double bodyweight OHS squat is or a 900---1000lbs deadlift. I think I agree with Dan John, it has more to do with toughness. I have no doubts that there are many true elite lifters who could do it with minimal training. The reason the don't did it so far is IMO that training for it would probably compromise their primary goals.
I posted this elsewhere but it is illuminating in this context. Some years ago there was a TV show in the german television where an 79year old fitness trainer tried to outsquat the then world champion Caruso. Who squats 50kg more often in 4min? Before they started this old guy mentioned to Caruso that what he would try now "...is poison to you, you always train low reps..." or something comparable.
Well this old guy did REALLY pretty good. He got around 100 reps if memory serves (at age 79!), but he had no chance against Caruso who won easily. Well Caruso looked much more drained afterwards and high rep is usually not what weightlifters do, but he could do it without a problem.