Non-refined olive oils — even your rare low-acidity example — do have a low smoke point in practice. All store bought “extra virgin” olive oils in my experience also burn closer to 300-350 degrees fahrenheit.

Are you a vegetarian by chance? You said most people cook well below 405 degrees. Traditional American households do exceed that temperature on the grill and the stove.

When olive oil burns, the smoke isn’t always highly visible. Examine close up and from the side. The rising smoke can look a lot like heat distortion.

As a final point, for anyone still here, smoke points aren’t an automatic reason to avoid a cooking oil. Chemical stability is variably correlated, so maybe do some more reading.