Video Export low quality high bitrate (24.3.0)

So this is an old and long problem I always have with premiere.

When exporting into mp4 (H.264) files. I always get a lower quality output even when the bitrate matches the source.

Here are the two files, Source file is on the left, Premiere Export on the right.

How is it possible that I have to use 50Mb/s to get a quality closer to a 23 Mb/s source video???
look at the difference in Duration and Size. If I export from Premiere at 23 Mb/s the video would look horrible and itll be very blocky and practically useless.

These are the parameters I used for exporting.

When is Premiere going to implement a better Export menu for h264 videos and even letting me tweak with additional options, Ive seen a very old (11 Year old) screenshot of premiere where you could choose GOP size, premiere seems to aply this option automatically even when maybe its not even needed. I dont want to export then re-encode the video to h264 just because premiere can't deliver a high quality video.