Well it turns out they lied. It’s 2.1 after all! \s
Jokes aside, it’s actually only 2.0 because internally they transmit a DisplayPort video signal and convert it to HDMI using an MCDP2900 chip[0], which is the same chip usually seen inside USB-C hubs.
So the new MacBook basically got rid of the HDMI dongle by integrating it inside the laptop.
This also breaks DDC/CI on that port and now I get a ton of support emails for Lunar (https://lunar.fyi) because people can’t control their monitor brightness/volume and think that the app is broken.