According to the "The gen on the 2TiB disc size limit" FGA, the limit comes from MBR having a 32 bits wide field for a partition's sector count. With 512 byte sectors (the usual size), you can address only up to 512 × 232 bytes, or exactly 2 TiB.
Many disks these days have larger physical sectors of 4 KiB (called "Advanced Format" in various places); however, they almost always report each physical sector as eight logical 512-byte sectors, in order to remain compatible with all existing software (which might make incorrect assumptions about sector size always being 512 b). So they are still affected by MBR's limitations.
But I'm guessing (although the screenshot doesn't show) that your disk probably reports the logical sector size as 4 KiB as well, and since the MBR can address up to 232 sectors, you now get a partition limit of 4096 × 232 = 16 TiB.
(This is not to be interpreted as "MBR is okay again". No, MBR with its primary/logical partitions is still as horrible as it was before.)