MAXIMUM_PASSWORD_LENGTH is used as the max_length of CharField. CharField are unicode, and thus if one reads no further than django/contrib/auth/forms.py and doesn't see MAXIMUM_PASSWORD_LENGTH is also used on KDFs input (which work on bytes) one may get the impression that it's a limit on code units.
Then it's Unicode code points, which are still am abstract concept to users. The only thing that's meaningful to users is graphemes — and with Unicode one grapheme can be formed of a potentially infinite number of code points (continuation characters stack, and can be repeated indefinitely), so you cannot practically use that for any limit.