You're right - the hitch is rated for 500 lb of non-weight-distributed hitch weight, but that's assuming the weight is applied at (let's say - to make the math easy) a distance of 6" or so from the center of the receiver tube - the distance from the center of the receiver tube back to the trailer ball. This would create a moment (torque) on the receiver of 500 lb x 0. 5 ft = 250 lb-ft.
Now, if you put a motorcycle carrier into that same receiver with a weight of 750 lbs (700 lb bike + 50 lb carrier) that's applied at (let's say) 3' back from the center of the receiver tube, the receiver is subjected to a moment (torque) of 750 lb x 3 ft = 2250 lb-ft. Worse yet, this cantilever load is bouncing as the truck hits road irregularities, so the moment is cycling higher and lower than the steady-state 2250 lb-ft value calculated above - this adds low-cycle fatigue concerns to the much-higher-than-design steady state overload already present.
Whether you do it or not is ultimately your decision, but now you can make an informed decision. Good luck!!
Rusty