This post by nostr:npub1f7p776fz3vlqnv9tcyw7m8nts5ceczmlaudqgjuwaxtsuwzyrqtssuvg6q says it all!
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To be overly technical there would be no argument against increasing it to 520 bytes of OP_RETURN data because currently that is the limit for pushdata in a witness block. So that is the theoretical limit before you are actually just promoting spam. Either way, deprecating configurability is a bad move, especially when it has to do with a standardness setting.