Simply put, Apple is going with a single larger NAND (memory) chip instead of two smaller chips. So Instead of the read/write speed multiplied by 2, it is the speed of single chip.
The read/write speed remains fast. It is extremely unlikely to be noticed by a user (that’s not the bottleneck point) but it’s worth noting. If you get a higher disk space option, this option is built with 2 chips/double the speed.