Getting close is what its all about. Also, just because your rifle and cartridge state that it can each out to a certain distance, doesn't mean that YOU can.
Especially on a larger bodied animal such as an elk, it is quite frankly unethical
to try 500 yard shots. Most shooters,(even a majority of those that claim they can shoot that far) cannot effectively hit a target at that range. Combined with the lost velocity, what you end up with is a much greater chance of only wounding a animal and never recovering it.
Also, it has been my experience that quite a few of the people who claim to have shot an animal at 350 yards or 400 yards, are misguaging the actual distance.
in the wild with uneven terrain or especially all flat terrain, a 200 yard shot might seem like twice that to the naked eye.