My 2-year-old Intel MBP has 64 GB, and 8 GB of additional memory on the GPU. True, on the M1 Max you don't have to copy back and forth between CPU and GPU thanks to integrated memory, but the new MBP still has less total memory than my 2-year-old Intel MBP.
And it seems they just barely managed to get to 64 GiB. The whole processor chip is surrounded by memory chips. That's in part why I'm curious to see how they'll scale this. One idea would be to just have several M1 Max SoCs on a board, but that's going to be interesting to program. And getting to 1 TB of memory seems infeasible too.