Here's another way to think about it: If we get rid of the I/O card (2 x HDMI + 2 x USB-A + audio jack which, with 8 TB4 ports, you might not need), that leaves us with 22 PCIe4 lanes, since the 2 x SATA6, 2 x 10 Gb Ethernet, Wi-Fi, BT, and 1 x USB-A collectively use 2 lanes, and the SSD uses 8.
That is an 'Alice in Wonderland , down the rabbit hole ' way of looking at it. If you remove a PCI-e card from a host system, the change in bandwidth of that host system is ZERO. nothing. Nada. zip.
That card, detached from the host system has zero bandwidth ( no power -> no pragmatically useful bandwidth).
Don't like Apple's I/O card. Another standard, bus powered, x4 PCI-e card that has suitable driver support will/should work just fine. The bandwidth isn't being 'lost' (or decremented) ; just unused.
Also doubtful that all of that MP 2023 I/O is using just 2 lanes. The SATA is likely a independent discrete controllers. The Ethernet stuff is at best 1 independent controller (if not two). WiFi/BT ... again and independent controller . The USB A again likely a small independent controllers ( like with iMac/Mini/etc. )
Intel rolls lots of that up into a PCH chip (along with some 'secondary' PCI-e lane provisioning). Modern PCH chips have 'dual use' lane which are either SATA or something else or USB or something else. Apple doesn't really build PCH chips.
Apple's SSD modules don't use pure, standard PCI-e. There is a customer 'storage PCI-e ' protocol they use. From the descriptions it is suggestive that 8 lanes out of 16 are 'dual use' lanes. (the modules are not SSDs, but Apple does need to transmit data to from the SSD controller to the module with the NAND chips. It is a long enough distance that a subset of the PCI-e protocol is useful but the whole thing is overhead they don't need. There is a max of just two module and the controller. They needs an expansive addressing. hot plug. etc. etc. etc. The cheaper and smaller they can make the data transceiver chip, the better. )
There is no SSD module then can reuse those 8 pins for regular PCI-e ( e.g., second die in an ultra). That makes the whole set up more die edge space efficient. But that is a dual edged sword.
It is really just a x4 worth of bandwidth out to the SSD modules. the two x4 is more so for concurrency ( reading/writing to mulitple NAND chips at the same time and more capacity (address more NAND chips) ) then it is for plain 'raw' RAID 0 speed. Mac Studio/Pro SSD times are in the sub 8,000MB/s range. That isn't x8 PCI-e v4 times.
Pragmatically this is somewhat like putting a x8 PCI-e v3 card in a xPCI-e v4 host system on a direct link. There is a potential vs actually used gap in bandwidth.
The major substantive different between the Mac Pro Ultra and the Mac Studio Ultra is that second Max die's x16 is hooked to nothing. It is basically a 'bridge to nowhere. A bit like the UltraFusion connector on a solo Max die SoC. Mega 'potential' bandwidth that is electrically hooked to nothing. Just soaks up extra die space in that context.
The Mac Pro appears to detach all the 3rd party discrete controllers from the SoC. There are upsides if attach two x2 PCI-e v3 controllers to a PCI-e v4 capable switch, then it possible the switch can merge those two x2 data streams into a single faster x2v4 data stream. There is less 'waste' on direct connections. ( Apple used this general approach on the MP 2013 where x4 v3 is used to provide backhaul for two v2 Thunderbolt controllers. )
In that case, here's the I/O the Ultra Studio (US) has that the MP doesn't (I've ignored the SD card reader and headphone jack) :
HDMI 2.1 + 1 x USB-A
The headphone jack is only missing because you tossed it with the i/O card. Ditto with the HDMI and USB. Some folks don't need those specific ones that Apple provides standard. Besides the rather tame, moderate speed SD card, there is really nothing that is lacking on the Mac Pro option.
The empty slots means end users can add what they want. Firewire card. 4 Type-A 20 gbs sockets. Optical audio and with custom DSP. etc. There are over 80 PCI-e add in cards that work just fine with the Mac Pro 2023. If the end users has a higher value on discrete USB/Audio/SD card controllers that Apple does not embed (bulk buy) then the Mac Pro has no 'deficit' here at all.