Yes - it is possible. The reason WCF supports this minimum (64KB) by default is as follows: Imagine that your server is busy answering requests, for example, in tens or hundreds, and all of them require a maximum message size.
Potentially, your server may need to simultaneously allocate tens or hundreds of message buffers - if you have 100 users and each request is 64K, then this is 6.4 MByte, but if you have 200 users and each of them requests 5 MB, gigabytes of RAM on the server - only for message buffers for one service.
So, yes, limiting the limit on the maximum message size makes sense, and it helps to manage server memory consumption (and therefore performance). If you open it too wide, an attacker can simply make such an attack - flooding your server with false requests, each of which allocates as much memory as they can get, eventually leading your server (similar denial of service attacks quite common).
marc_s
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