One thing that Apple is quite good at is creating premium tiers for their products aimed at different levels of consumer. Do you need that much storage if you have a cheap iCloud subscription and do you need that much RAM if you're watching YouTube and browsing social media? Probably not. Apple is good at FOMO, "What if I do need that much ram and storage?" but also at appeasing to professionals (evident by those high spec'd and expensive Mac's).
Maybe the assumption is those who need that much physical storage are working with audio, video and large image/3D files who might need extra ram to open them up and work with them (animators, content creators, musicians). Higher tiers are usually seen as more future proof and aimed towards professionals who might need the bumped up hardware, the average consumer not so much. If you are working with large files, you need a decent amount of memory, especially with video where even the highest tier being offered might not be enough.
You won't see a performance bump with the larger storage or memory though, it all comes down to mostly CPU and graphical processing ability, but the average user once again rarely ever hits the limits of modern powerful hardware like this.