There are shark aquarists with a regular nitrate level below 5 ppm, and even some with nitrate levels of 0 ppm.
Yes - nitrates are the least toxic of the nitrogen byproducts, but they are still nitrogen based. And sharks are more sensitive to nitrogen build-up in their tissues, than most other fishes. So why not shoot for lowest levels possible. Instead of being a minimalist and settling for "oh, 50ppm is safe, so why should I attempt to keep it any lower" . The shark will generally be healthier for it.
Btw - different species of sharks can react differently to nitrates. Some species can tolerate nitrates levels as high as 250ppm, while others may have problems at 50 ppm.