I always thought the reasons dive operators want divers to return with at least 500 psi in their tanks was 1) to have a reasonable safety margin, and 2) to prevent tanks from being sucked dry and having divers run out of air, and/or getting water in the tank, which is a real pain for the operators, especially in out of the way places. If DMs told divers "return with some air" instead of a specific amount, like 500 (which most SPGs will show in the "red" zone), invariably bozo divers who only dive on vacation every so often will regularly suck tanks dry, do an emergency ascent, get water in the tank requiring taking the tank out of service, and potentially screw up everyone's enjoyment while CPR is performed or oxygen administered. I've returned from plenty of dives with half a tank because someone I'm diving with is out of air. I think of air in a tank like food at an all you can eat buffet - just because there's some left doesn't mean you have to consume it all. DMs generally cut us a lot of slack on our vacation dives and tell us we can go down earlier and stay longer if we want. But we also don't give them any cause to worry, abide by their rules, and try to make their lives easier. They have no way to tell if you're really paying attention to your air, or if you're just lucky enough to come up before running out. Kind of like driving around until the fuel light comes on in your car instead of paying attention of your gas gauge and planning around varying circumstances; at some point you're more likely to coast to a stop on empty that you would like
The DM was totally out of line chewing you out, but DMs are also human, responsible for everyone on the boat and do get stressed. I'd give the guy a second chance, but nothing beyond that. Think about how you looked from his perspective
If someone borrowed one of my tanks and sucked it down to 200 psi, I'd be really pissed, because you need a certain pressure difference above ambient to ensure no moisture gets in the tank. Just because a pressure gauge reads 200 psi doesn't mean it's right, only that it's somewhere in the vicinity of 200 psi. Mechanical gauges are inherently less accurate at ends of their ranges. I like to err on the conservative side when it comes to remaining air in a tank. I only use my own gear, never rental gear, and am conservative with how much faith I put in my gauges. I shudder to think how accurate rental gear like an SPG is (or isn't), give how it's used and abused by divers