The rate of luminance drop depends strongly on the LED current and junction temperature. The reputable manufacturers run their lamps at Imax/2 or Imax/3 and could very well achieve the claimed lifetime. OTOH, some noname manufacturers might run the LEDs at Imax and getting only a few hundred or thousand hours, before the light output drops and becomes bluish, due to loss of phosphor output.
For a street lights to last as long as the fixture (20-30 years) you still would have to drop the current to say Imax/4.
The CREE LED mentioned in this thread is rated for Imax=3 A, but characteristics are also given for Imax/2, Imax/3 and Imax/4.
Of course, running a 3 A LED at 700 mA requires 4 times the number of LEDs compared to running at Imax, thus costing a lot and it is also hard to fit that large number of LEDs into existing bulb sizes.
The measurement standards also limit how long you can extrapolate life times based on a limited (6000 hr) actual test period.