Because of Base64 encoding, as explained for example here: https://learn.microsoft.com/en-us/exchange/mail-flow/message-size-limits?view=exchserver-2019
Base64 encoding increases the size of the message by approximately 33%, so the value you specify should be approximately 33% larger than the actual message size you want enforced. For example, if you specify a maximum message size value of 64 MB, you can expect a realistic maximum message size of approximately 48 MB.