Normally to do with the amount of power a single cable can safely pull down, wasn't it 150W? Either way it's something that's been around for a long time now, have a Google and see what comes back
Declaration - I have no electrical qualifications
Okay so I spent some time reading.
I found these quite useful
https://www.gpuminingresources.com/p/psu-cables.html
https://www.tomshardware.com/uk/reviews/graphics-card-power-supply-balance,3979-6.html
My main interest was if the cables aren't rated to that power then why include them together specifically labeled as GPU cables and no warning?
The 8 pin PCIe connection is restricted to and can safely carry 150W max. This is a standardised thing.
My corsair PCIe Y cable is rated at 16 AWG.
It's hard to actually find a proper result for what a specific AWG can handle but...
This calculator states AWG is good for 11.9A.
http://circuitcalculator.com/wordpress/2007/09/20/wire-parameter-calculator/
Also here states I can buy a AWG 16 wire that can at least safely handle 10A
http://assets.bluesea.com/files/resources/newsletter/images/DC_wire_selection_chartlg.jpg
It has an 8 pin connection to the PSU which means 3 direct circuits at +12v
if we consider the cable taking the full 2xPCIe demand
300W/12V/3 = 8.33A
That's easy enough for 16 AWG wire to cope without getting hot.
Since by PCIe standardisation the maximum power you can get from 2x8 slots is 300W, providing the connection to the PSU is an 8 pin and not a 6 pin you should be fine to run dual connectors on 16 AWG. With 18 AWG though you're very near the limit of 8.56A, according the the circuitcalculator above, and with a small voltage drop it would push you over; a 3% drop for example would mean 300W/11.64V/3 = 8.59A.
Problems can arise further I think if you plug a y-splitter into the card and theoretically draw the maximum 300W, since you are telling the sensors in the card it can have that much power by having both 8 connections full, yet the y splitter is attached to only a 6 pin PCIe, which therefore only has 2 circuits so essentially 300W/12V/2 = 12.5A, which would make even the 18 AWG hot. Most cards couldn't probably hit 300W draw, or as a constant requirement so the amps would be generally lower than this.
This all could be wrong but that's where I got with it lol