You are definitely correct, Llama. This is something that at least a few Fishloreans have been contemplating for quite awhile.
WPG is much like "inches per gallon." It works well in a standard tank, which has a certain width-to-depth ratio, and with standard fluorescent setup.
Part of the reason for this is that, like any fish-stocking guideline, a true rule for amount of light in a tank is going to be more of a calculus equation, involving depth of the tank, how reflective the reflector is, how many surface plants the aquarium has, color and reflective nature of the substrate, using
lumens instead of watts, the amount of ambient light in the room, whether the tank is made of acrylic or glass, etc...
Like saying "you should have roughly one inch of typical aquarium fish per gallon of water," "WPG" is easier for someone new to plants to digest. It's a guideline that doesn't always work, and it can be stretched and broken in some cases.