I have worked on 16 layer PCBs. It should be noted that usually about half of stated layers are dedicated ground/supply planes, and contain no signal traces.
Practical limit comes from minimum track width and impedance requirements, since more layers require thinner dielectrics and that means that for constant track width, impedance will drop. One won't usually want go much below 50 ohms, since below that starts to be too low for ordinary logic circuits. Maintaining proper impedance requires making traces thinner, which is limited by the minimum track width.
Of course, PCB can be made thicker, but then aspect ratio requirement (via length/via diameter) comes into play.
Also, soldering components on thicker boards can be surprisingly difficult since massive PCB absorbs a lot of heat.
Regards,
Janne