Just because I'm not a fan of speculation, I called Hudson Trailers a few minutes ago and spoke to Kenny at their office.
He verified that, indeed, the trailer is rated for 8,950# on the tongue plate. He further stated that the stated GVWR assumes a 1 ton tongue load.
I asked about that, passing along that a 1 ton tongue load exceeds the recommended 10% to 15% range for tongue loads and that most vehicles, especially 1/2 ton trucks, are probably only rated for 1,500# tongue load maximum.
He offered that it wasn't optimal and that he wouldn't recommend this trailer to someone who ordinarilly carried, for example, a load over 5,500#.
So it would seem that not even the manufacturer recommends it, but he didn't want the potential purchaser to have any weight rating "left on the table", so he absolutely maximized the stated GVWR by adding the numbers together instead of deducting the trailer weight out of the equation.
Good for him and any purchasers, I guess. I'd only put 5,000# in it, rating or not.