No, shipping code to production on a weekly basis is
not a deadline. A deadline is a time by which a task must be completed. A task is something like "fix bug 3831" or "allow users to log in with OAuth2". "Ship code" is not, in any useful sense, a task.
Such "timeboxed iterations" can indeed result in "shipping" a null update. Unless you have a time-consuming QA gate to pass, that's not very likely, especially on a team containing several people, but it can happen. You don't know that you will have "something" to ship.
Typically we try to break changes down into shippable tasks that can be done in under a day, so the expected number of tasks completed by a four-programmer team in a week is on the order of 30, or 15 if you're pairing. For this to fall all the way to 0, everybody has to be spending their time on things that could not be thus broken down. It's pretty unlikely to happen by chance. But sometimes a difficult bug or two really is the thing to focus on.
In XP, estimates are used for prioritizing which tasks to work on and which tasks to break down into smaller tasks. The "product owner" is supposed to choose the tasks that have the most user value for the estimated cost. But those estimates aren't commitments in any sense; they're guesses. Sometimes tasks take more time than estimated; other times, they take less. This is the reason for the shift to estimating in "story points": to prevent the estimates from being interpreted as referring to a period of time.
If someone in your organization is interpreting estimates as commitments, this can have a corrosive effect on the accuracy of those estimates, because estimators respond by padding their estimates, in inconsistent ways. Often this destroys the usefulness of the whole iteration planning process, because the project owner no longer knows which tasks are the easiest ones and thus worth doing even if the benefit is marginal. Organizations can recover from this pathology in a variety of ways, but often they don't. Eliminating estimation is one response that sometimes works.