TL;DR Replace It
Based on part #s, you have either a 1500W (based on QL 1500) or 500W (based on MP-500W). Those are halogen bulbs that produce a lot of light and a lot of heat. Heat is wasted energy when it comes to lighting (exception: EZ Bake Oven). And wasted energy is wasted money. (Ignore the environmental impact, just look at the $ and you'll switch anyway. Really.)
For replacement, do not look at Watts. That is energy. Look at lumens - that's light. A cheap 500W halogen work light produces 8,000 lumens. I found a 1500W halogen rated at 32,000 lumens. So that's the range you're looking at it, depending on whether this was really 500W or 1500W and other factors.
There are a lot of variables in replacement lights. One I found (from Lithonia) has 3 levels on each model. For example, ESXF3 with 8,500 lumens for 53W, 10,500 lumens for 69W, 14,000 lumens for 100W. The low-end of that compares well with a 500W halogen while using only 53W. At a nice round $0.15 per kWh (close to US 2023 average), 1,000 hours of a 500W halogen will cost you $75. 1,000 hours of a 53W LED will cost you $8. In other words, the cost of replacing the fixture will more than make up for the cost of replacing the fixture over the lifetime of the new fixture. LEDs themselves can last many, many thousands of hours. The driver circuits (convert higher voltage AC to lower voltage DC, handle dimming, color temperature settings, etc.) are more likely to fail. A good quality unit has a high (not guaranteed, despite 5 year warranties, etc.) chance of lasting tens of thousands of hours, and even the cheap ones can too, though they tend to fail sooner.