The time signature is 4/4, so quarter notes are measured for the BPM. It’s not based on the style the drummer is playing. BPM and time signature are related.
And yes, there are fast songs with high BPM, like plenty of EDM. We’re not talking that, the question was about Hey Joe.
But if nobody told you it was played with a sixteenth strumming pattern, how would you know it wasnt 4/4 played at twice the bpm with an eighth note strumming pattern?
And there are plenty genres other than EDM with fast tempo songs. This site lets you search by bpm -