In this case I don't think they do - unless the legitimate users are also hitting your site at 700 RPS (in which case, the added load from the bot is going to be negligible)
Once the bot is stealthy (the current sub-thread if I haven't misread) they absolutely do. A couple examples where I've been flagged as a bot for normal traffic:
1. Discord's telemetry was broken on my browser, and on failure they immediately retried. It didn't take many actions queued up on the site before my browser was initiating over 100RPS, on their behalf.
2. Target and eBay still flag my sessions as bot traffic (presumably because they don't recognize the user agent or because I use Linux or something). Target allows browsing their site for a few items before heavily rate-limiting me for a day or so, and eBay just resets my password a day or two after I log in, every single bloody time.
The problem is that from time to time normal users will generate large traffic volumes, and if the bot owner uses many IPs then you're forced to use less reliable signals for that ban hammer (i.e., no single user will be near 700 RPS).
