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I don't think 500kg is that much for that structure depending of course on the guage of the tubing and how far you drop the 500kg load onto it. That said each tube is essentially 4 angles with the extreme edge of their legs re-inforced by the interconnection to to the adjacent angles. If you partially collapse any of the tubes then it is a whole other ball game. Take a look at adjustable pallet racking. It holds 1000s of kgs and is also punched full of slots.---Meltedmetal
The vast majority of the load is compression, so I'd say that is how it does it. If, for example, one end of the rack was securely attached to the wall, with it cantilevered out (no support bracing) and the weight placed out near the end away from the wall, the weight bearing capacity would be hugely less than when the load is compression as it is in the picture. Kind of like how you can sit on the end of a pretty skinny rod with a seat on the end of it as long as it is pointed straight up, but if you put one end of the same rod in the vise and push down on the other end, you can easily bend it.
A lot of what can be supported by any structure depends upon the material, but the direction of the forces involved and if the loads are compression, torque, bending, or whatever is also VERY important in how the structure is designed and what sort of loads it can bear.
Never pick a fight with an old guy. Old guys are too smart to fight and get hurt. They'll just kill you and get it over with.