The limit that keeps you from arbitrarily scaling up these numbers isn’t transistor count. It’s delay—how long it takes for complex circuits to settle, which drives the top clock speed. And it’s also power usage. The timing delay of many circuits inside a CPU scare super-linearly with things like decode width. For example, the delay in the decode stage itself scales quadratically with the width of the decoder: ftp://ftp.cs.wisc.edu/sohi/trs/complexity.1328.pdf (p. 15). The delay of the issue queues is quadratic both in the issue width and the depth of the queues. The delay of a full bypass network is quadratic in execution width. Decoding N instructions at a time also requires a register renaming unit that can perform register renaming for that many instructions per cycle, and the register file must have enough ports to be able to feed 2-3 operands to N different instructions per cycle. Additionally, big, multi-ported register files, deep and wide issue queues, and big reorder buffers also tend to be extremely power hungry.
On the flip side, the conventional wisdom is that most code doesn’t have enough inherent parallelism to take advantage of an 8-wide machine: https://www.realworldtech.com/shrinking-cpu/2/ (“The first sign that the party was over was diminishing returns from wider and wider superscalar designs. As CPUs went from being capable of executing 1, to 2, to 4, to even 6 instructions per cycle, the percentage of cycles during which they actually hit their full potential was dropping rapidly as both a function of increasing width and increasing clock rate.”). At the very least, such designs tend to be very application-dependent. Branch-y integer code like compilers tend to perform poorly on such wide and slow designs. The M1 by contrast manages to come close to Zen 3, which is already a high ILP CPU to begin with, despite a large clock speed deficit (3.2 ghz versus 5 ghz). And the performance seems to be robust—doing well on everything from compilation to scientific kernels. That’s really phenomenal and blows a lot of the conventional wisdom out of the water.
An insane amount of good engineering went into this CPU.