That's what the 4mA lower limit is for. 4mA at 8V is over
30mW. That's _tons_ of power. You can run quite a bit of analog circuitry and a pretty decent 8/16-bit processor with that much power. I've worked on microprocessor designs where the availble power was more like 3mW.
Tell that to the millions of measurement devices out there that run on 3.6mA at 9V. Most 4mA devices have analog outputs that actually go down to 3.8-3.9 before the process value limits, and then there's usually a hardware "alarm" state that can be configured to be either low (3.6mA) or high (22-24ma). So the worst case power is usually figured to be at 3.6mA of loop current.
He doesn't. 8-9V is a typical minimum voltage for a 4-20mA device. Not everyting is a Pentium VIII Core Octa running MS Vista Ultimate Premium you know.
[For some high-power devices, there is a separate pair for power, but the vast majority of 4-20 devices are two-wire.]