Yeah, this is probably the reason these adapters don't exist right now.
Just FYI, though, the earlier replies to your original post are incorrect, and you're right to be asking this question. Just because M1 Macs ship with *physical ports* that are HDMI 2.0 spec, that has absolutely *no bearing* on adapters connected to higher bandwidth ports. There's nothing in macOS that would prevent a TB4 -> HDMI 2.1 adapter if that were possible; it would just require the correct adapter, and plugin/firmware to enable that adapter on macOS. All the hooplah about this not being "electrically" possible are complete and utter nonsense.
But, as you noted, it appears that standard TB4 doesn't actually have the bandwidth needed to match HDMI 2.1.