The short answer is that purity says "what fraction of detected material is the target" while content says "how many milligrams of the target are present," and those are two different things.
If a sample shows high purity but low content, the explanation is usually that the standard used for quantitation had a different purity than claimed.
Concretely, quantitation against a certified reference material assumes the sample and standard are treated identically through the analytical method, which is why the method for calibration matters as much as the method for measurement.
The caveat is that content assay costs more than purity, so most people do not do it, which is exactly why it is valuable on the first lot from a new supplier.
Ask for both the purity and the content, and do not accept purity alone.
edited 29 Jul 2026 by Dr_Jonas_Halvorsen — added the method parameters