OK, so you understand conceptually that a full dump will be the size of the chip. Then, if the SD is also the size of the chip, and you use that SD directly (no filesystem or offsets), it will be completely/exactly full. If you need anything else on the SD at the same time as the dump, as is the case with the current implementation, it can't fit.Hm. Then why were Wii NAND dumps only 512 MB (the size of the NAND)? Not judging or complaining, just genuinely curious.
Back to the reality of the WiiU, you do save some space by not taking every sector of mlc, but you also have to do the slc, and when you have all that plus the cfw, loader, and the file system for those parts, you're over the real size the big chip (nominal size of your WiiU). Not by very much, but over is over.