To help minimize some of the speculation surrounding this here is….
Anatomy of a takeoff:
Minor variations between airlines and airplanes.
Line up on the runway, turn on all the lights and pre-spool the engines to about 40-70% N1 (front fan section) and make sure they all stabilize before setting the Takeoff Thrust of the day. Takeoff Thrust may be a low as 75% of full Thrust to lower wear and tear on the engines, Full Power is always available for emergencies/wind shear, etc.
PF, Pilot Flying, hits TOGA & calls TO thrust, and the PM, Pilot Monitoring, announces when it is set and producing the target thrust for the flight, drawn from the performance.
Next, at 80-100k the PM will call 80k and the PF will confirm his reads that as well. Below that 100kts, reject for any alerts from the panel, above 100kts, the alerts are only for nasty stuff like fires, loss of an engine, etc.
V1 is the critical speed. It's not where you takeoff, it's where the go/no go decision is made. This speed is roughly the midpoint of the runway and is supposed to guarantee you can lose an engine, reject, and still stop on the runway. Above this speed you are committed to going flying and solving any problems once you get 1000' above the airport (AGL). I have seen spreads as high as 15-20kts, between V1 and Vr (rotation speed).
Between V1 and 1000' you do nothing but takeoff, raise the gear between 50-100' AGL depending on if you have problems or don't, fly straight ahead and climb to 1000', You don't deal with anything, including an engine fire, before you have altitude to work with. There are a few minor variations on this. The target speed for the initial climb is at a speed known as V2 up to V2+10 knots, for optimum climb rate, below that and it may harder to climb or maintain control.
The question is why they didn't get to 1000'. Even at the reduced power for takeoff, the airplane will meet the required performance if an engine is lost at that weight and get there. Odds are it will fall to pilot error.
Understand however, that this maneuver is something that is beat to death in initial training, and is practiced every single time we come in for training, in my airlines case, every 6 months.