*Updated July 2023*
We acknowledge that this particular feedback has been requested for quite a while. The current file size requirements can be quite limiting for some. We currently have some tickets open within our product and engineering teams to look at increasing file upload sizes. With further research, in our current state, if there was an allowance for a larger file size for any type of file in the library (documents and images), the images would resize to 1200px width and suppress image quality.
At this time, there are no further updates in terms of expected timelines. We'll keep you posted.