That’s a pretty non-standard H200 configuration. In the regular HGX configurations, a node with 8xH200 has that much CPU DRAM. That makes the title of the paper somewhat arguable imo.
As with any good (and especially "currency"), it's only worth 1 USD as long as somebody (including the issuing company) is willing to give you 1 USD for it. Even if it is "linked", "pegged" or called something else.
I generally share your skepticism, but didn‘t DeepSeek prove that one does not need a „competitive advantage“ in hardware? And if that does not hold for HW, it likely also doesn't hold for energy.