You may have saved money if you bought the 10 gpm pump but it looks like you would have low water pressure and less 10 gpm because of the depth of the pump in the well. I found this chart on the web when I searched on "size submersible well pump"
Performance Chart for GS Stainless Steel Series, 4", 3 Wire, 10GPM, 2HP, 230V, Submersible Pump The blue area is for a 2hp 10 gpm pump. At 500 feet you would get 9.9 gpm at 20 psi. That is a little low for me. If the pressure is increased to 40 psi the flow rate decreases. I think your well driller sold you a pump that would give you the amount of water you needed and the pressure you need to use the water because of the depth of your well.
Our water in the country is expensive to get and maintain. Hopefully you will not have to replace it again anytime soon.