The reason many suggest large weekly water changes is because high nitrates isn't the only problem in a tank. TDS (total dissolved solids) can build to dangerous levels in a tank over time. This is called old tank syndrome. Fish in tanks suffering from this have gradually become accustomed to the amount of TDS. Replacing larger amounts of water weekly helps remove the TDS and replenish minerals needed for plant growth, fish health, the beneficial bacteria and a stable pH. High TDS and the lack of certain things cause the water chemistry of the tank to be dramatically different to that of the source water (well, tap, etc). That is why small changes are recommend as to not stress the fish. But... if large amounts of water are changed out every week the tanks water chemistry is pretty much identical to that of the source water. I regularly change out 50-75% of the water in all 7 of my tanks.
Not that I'm suggesting that your tank has high TDS or that there is a problem just explaining the thoughts of many.