I bought a 400GB microSDXC card from a supplier I trust and it had ... 400GB of usable space. (Decimal gigabytes, of course, not those nice power-of-two gigabytes we had when I was young).
As to why such a strange number, I suspect it has something to do with the multi level cell (MLC) arrangement, where more than one bit is stored per flash cell by setting it to different voltages. After all if (say) 0V=0 and 5V=1, why shouldn't 2.5V = [a distinctly different state] so that two cells can store three bits? I suspect the 400GB cards were an interim version that were originally designed to be 512GB but the umpteen-voltage-states-per-cell-detector didn't work quite well enough. Just guessing, though.
After a while I replaced the 400GB card with a 512GB version, which is happily sitting in my phone and letting me annoy the kids by showing them I have over 320GB of free space. I really must get round to downloading some 'educational' movies to fill the space...