I have noticed this problem on mine too.
I have always upgraded the RAM myself on iMacs, and my 2019 model has two 4GB Apple sticks and two 16GB Apple sticks, and registers 40GB at 2667 MHz without an issue.
My 2020 model is stuck at 2133 MHz.
This is despite them both using Crucial RAM of the same specs, in addition to the Apple RAM.
I've played around with the sticks and these are my findings:
The 2020 iMac registers 2133 MHz using the same RAM sticks that the 2019 registers at 2667 MHz.
I took the sticks out of the 2019 model and placed them in the 2020 model, in the correct formation, and they reported 2133 MHz. So the 2020 model is more particular about RAM.
The 2020 iMac has a slightly different RAM arrangement:
This change is probably tied to the implementation of the T2 controller?
Putting all four 16GB Crucial sticks in the 2020 model still registered 2133 MHz.
This surprised me as they are all the same brand and spec. So I rearranged the sticks to what to me seems to be the 'wrong' way - my inherited 2019 Crucial sticks in Slots 1 and 2 (rather than
1 and 3 or
2 and 4 as you would normally expect), and the newly-bought Crucial sticks in Slots 3 and 4, and low and behold it is now running at 2667 MHz and 64GB.
The 2020 iMac is fussy even between different batches of the same RAM manufacturer and specs, not just between Hynix and Crucial. Get around this by keeping each batch/manufacturer to its own channel.
I am not sure what (if any) performance hit will come by mixing DIMMs in this way. I have always been told to install them in pairs in the first and third, or second and fourth, slots.