robertl The limit is hard set. The main reason Is the systems run NGINX over Apache with a timeout (otherwise requests would pileup and never end), so any file over the limit would not upload anyhow as it would hit the timeout limit for a request. Some people based on internet connection would only be able to upload 10-100mb if that before the timeout happens.
There are many scripts that will upload files in parts like 1mb requests at a time and after the file is stitched together.
I did a quick search and here is one plugin that will do this (I have not personally used it).
Tuxedo Big File Uploads
Increase file upload limit in the standard built-in WordPress media uploader. Uploads can be as large as available disk space allows. This processes the upload in chunks (separate smaller pieces) before handing it off to WordPress.