Which gyms devised this "non-scientific" method I wonder?
As my elderly aunt would say, "Poppy Cock young man"!
What's the betting it was a test on many subjects, maybe even during the Nazi period (a lot of this type of research was carried out in that period and it's not PC to credit any findings, as you might appreciate) , to asses the "average" man (even if he was blonde and German!)?
I do know that you can reach a higher HR running or say, XC skiing than you can sitting on a bike.
Personally, I've not bothered in 18 months* or more as I know what's going on and how hard I'm trying and it's a distraction.
*turbo and spin training exercises are an exception to this.