Hello Adam,
Cloud SQL is a managed environment. You don't have to install and care directly for your server. One of the consequences of this situation is that the type of machines offered is limited, and you can choose during the initial setup which machine best suits your purposes. For the set of machines offered, the maximum of storage possible is fixed, and depends on the machine type, to the maximum value you mentioned. In other words, it is the architecture of the managed environment for Cloud SQL that fixes these limits.