You CAN run 2 external monitors over 1 cable from your mac.
To understand why, it's important to explain, that there are 2 different ways of getting your image out on the screens.
First thing is MST. A technology that allows daisy-chaining displayport signals. For this to work, the OS needs to support it. Windows does, most of the popular Linux distros does, but macOS does NOT.
Second thing is called Displayport Alternate Mode (we'll call it DAM from now on). DAM is a technology associated with USB, which is the part of the USB signal that carries the video signal.
SO, now that we understand the difference, let me explain how you can connect 2 external monitors to your mac, through one cable only.
If you hadn't already guessed, it requires a Thunderbolt3 dock. (A normal USB-C dock won't work)
A Thunderbolt3 dock (a good one is the CalDigit TS3 Plus), takes the Thunderbolt signal, splits of all the different signals it can transfer (video, ethernet, sound, USB data, etc.) and gives them a port for you to plug your stuff into. Like any other Dock. What makes Thunderbolt docks interesting, is that the Thunderbolt3 signal itself, is daisy-chainable. So in addition to get access to all these ports on the dock, it also comes with a Thunderbolt3 port, to allow further chaining of other devices. Here comes the clever part... Now you a Displayport signal (the one from the docks Displayport port) and another Thunderbolt signal.. both able to carry a video signal to a monitor! NO MST happening, as you "split" the Thunderbolt signal, and not the displayport signal.
So now, you connect one monitor to your Displayport port on the dock, and then you grab a USB-C to Displayport cable, and connect your second monitor to the Thunderbolt out on the dock.
And WOILA! You now have 2 independent external monitors connected to your mac, through only 1 cable.
In theory, you can keep adding more monitors (as long as you dont reach the Thunderbolt3 40GB/S bandwith limit), by daisy-chaining more docks together, and using their Displayport out, because you use the DAM technology in the Thunderbolt signal, instead of the MST.