There is a stated limit of 128,000 I/O points.
What will limit the I/O more probably is the number of logical connections that your I/O will use, remembering that a controller can only support 250 connections in total.
On each ControlNet however, you can have a maximum of 48 nodes, so that means only 47 remote chassis (and you can theoretically have 16 ControlNet Bridge modules in your "master" chassis when using 17-slot chassis).
Each of those remote chassis (17-slot) can then have a maximum of 16 32pt I/O modules.
So the limit on ControlNet is 16 x 32 x 47 = 24,064
The more I/O you put on the network(s), however, the slower the update times will need to be, and there will come a point where the default RPI settings for the I/O modules, (or comms modules if using rack-optimised connections), just won't be long enough.