It's really simple, when new SSD's are detected and setup by the T2 it stores a UUID on them which references a newly generated encryption key stored in the T2. This allows the user to go back and forth between their old modules and the new ones. It's really not hard and it's almost exactly what Apple is doing with their custom tool available only to their own techs.
This makes the design less secure though.
The advantage of the controller only containing one key is that I know if I create a new key, the old one is gone. That way I basically have effectively an instant wipe on the SSD just by replacing the key (which is what iOS does.)
If the controller allowed for multiple keys, there is always going to be a question of if the old key is lurking around somewhere in the controller.
A lot more concerning on a laptop. But still nice to have on a Mac Pro where I might want to sell it and know that the new owner can't get at my data. And a hard requirement at my day job.