You guys are quite right about reusing assets, despite being 120-in-1, there's only actually 76 unique games, the "big" assets (C and V) only have one copy in rom. eg. kof2002 has 12 variants(!) but only one copy of C and V are shared for all. For S and M there's actually no reason to use 128MB chips at all, both use less than 1/8th of the chip capacity (under 16MB) so they didn't need to worry about reusing stuff there. For P they've basically put all P1's (first 1MB) for each game in one chip (labelled P3

), the rest in P1 and P2, seems some variants reuse P2.
The raw dump size is actually quite deceptive, there's lots of junk, duplicated stuff, empty space, unused stuff (eg. P for samsho5, all assets for Super Sidekicks 1 even though they're not listed in the menu!) I'm mostly done creating "cut lists" of what's where in each rom and frankly the whole lot is one big mess, I guess it proved tricky for them keeping track of everything
If I was to extract just the "used" stuff for each game the overall total size would be much smaller, suprisingly the limiting factor for number of games seems to have been V, which looks to have received the most care in fitting everything in with the least wasted space, funny I would have guessed C but all bets are off with bootlegs
You might have a look at
161 in 1 page in the NEO•GEO dev wiki
https://wiki.neogeodev.org/index.php?title=161-in-1_Series_1Razoola's observations on the registers at mentioned memory locations has been documented there, presumably when has was working on support for this gigabootcart in universe bios 4.
Yes 161 seems very similar, i've compared pcb pics of all the other multi-carts on MVS Scans and i'm reasonably sure the vast majority are all made by the same people. It's a bit of a mystery why they made new pcbs for the 161 as it only has 1 extra V and 2 extra C compared to this cart, but this cart has unpopulated locations for... 1 extra V and 2 extra C

so on the face of it 161 could exist on this cart (with 3 extra chips)! The 161 has many more unused chip locations, so can only assume they intended something bigger (>200-in-1 ?) but for whatever reason didn't go ahead with it, perhaps their supply of the "recovered" 128MB chips dried up or something...

would also explain why they changed to using those weird chips with the flex adapters on the later versions.