I've seen 250's without the hub sticking out as well, unless someone when through alot of effort to change a 1/2 ton thats a 3/4 ton with 150 badges, likely because the old ones fell off the fenders
There is quite a few "1 ton" pickups floating around with 3/4 ton suspension under them with the 350 badging on them. it wouldn't surprise me if that happened with a "3/4 ton". Just an example of cost-cutting measures and profit maximization.