I think you're right. The instructions say

  ollama pull deepseek-r1:671b

This will pull down 400GB: https://ollama.com/library/deepseek-r1:671b

But the Huggingface repo has 163 files of ~4.3GB each, so around 700GB: https://huggingface.co/deepseek-ai/DeepSeek-R1/tree/main