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Apple exec defends 8GB $1,599 MacBook Pro, claims it's like 16GB on a PC
(www.theregister.com)
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It's not "inexplicable".
DIMM mounting brackets introduce significant limitations to maximum bandwidth. SOC RAM offers huge benefits in bandwidth improvement and latency reduction. Memory bandwidth on the M2 Max is 400GB/second, compared to a max of 64GB/sec for DDR5 DIMMs.
It may not be optimizing for the compute problem that you have, and that's fine. But it's definitely optimizing for compute problems that Apple believes to be high priority for its customers.