Actually it does. I put a new cat in mine and it got 17ppm for HC and
NOx was 2. It passes the most stringent tests if it is in excellent
condition, like most cars.
I know of several of 1970's era cars that pollute under 50ppm because
they are in proper condition. Of course, this often requires a good
stock engine with stock equipment on it. You increase HP and add
mods to it, it's going to burn a lot more fuel per mile.