How well does buying PCIe to M.2 adapters work for a custom NAS? Slot-wise you should be able to get 16 M.2 devices per motherboard with for example a Supermicro consumer board.
I don't think there are any consumer boards which support this?
In practice you can put 4 drives in the x16 slot intended for a GPU, 1 drive each in any remaining PCIe slots, plus whatever is available onboard. 8 should be doable, but I doubt you can go beyond 12.
I know there are some $2000 PCIe cards with onboard switches so you can stick 8 NVMe drives on there - even with an x1 upstream connection - but at that point you're better off going for a Threadripper board.
Can you point to a specific motherboard? 16 separate PCIe links of any width sounds rather high for a consumer platform.
The difficulty with pcie to m.2 adapters is you usually can't use bifurcation below x4 and active PCIe switches got very expensive after PCIe 3.0.
Used multiport SATA HBA cards are inexpensive on eBay. Multiport nvme cards are either passive for bifurcation and give you 4x x4 for an x16 slot or are active and very expensive.
I don't see how you get to 16 m.2 devices on a consumer socket without lots of expense.