@joevt - this might be a reason, but at the same time on a 8K display all scaled resolutions between 6K and 8K are still available and do not cause the slightest slowdown at all when used. The M4 Mac certainly has no lack of GPU power to do simple texture scaling, its GPU is enormously powerful.
(3072px has been the limit for a long time now - maybe indeed to support the Dell 6K display.)
I think the most plausible reason for all this is that even though the GPU has all the new improved capabilities now, there is some simple logic that is applied to propagate the mode list which covers all entry level Macs - with now a single exception hastily added to cover 8K displays for the entry level M4 systems. This simple approach is perfectly fine to cover the specification indicated on the m4 product page and simplifies development & testing. It also does not cause much turmoil except for some tech enthusiasts on forums like these. In the future we might even see some more fine tuning (such things happened in the past).
Idea: maybe feeding an EDID that has a 8K@30Hz timing in it (which should require the same bandwidth as 4K@120Hz) could trigger macOS to extend the scaling limit for the connection in the mode list - a simple change like that could push the algorithm into the desired direction.