The space isn't actually missing. 500GB is available to the user. Drives list their capacity in "gigabytes", as in 1,000,000,000 bytes, and have done so for decades. The number Windows reports would actually be the binary-based unit "gibibytes", as in 1,073,741,824 bytes. 500 GB / 1024 / 1024 / 1024 x 1000 x 1000 x 1000 = 465.66 GiB. This is normal for drives, and if you check the properties for whatever drive you are using in Windows File Explorer, you will likely see the same discrepancy.
More often than not, "gigabytes" is used to refer to both units interchangeably, and the binary prefixes like gibi, mebi, and so on are less commonly used, which is where the confusion stems from. Until the late 90s, those separate prefixes for 1024-based units were not available, so the standard metric SI prefixes were improperly borrowed for that purpose. Hard drive manufacturers used the prefixes correctly when referring to how many bytes their drives contained, since there was no real need for platter-based drives to follow binary capacities. The same goes for network transfer rates and Internet plans. However, RAM manufacturers improperly used the prefixes to refer to binary capacities, and various operating systems like Windows ended up using them that way to refer to both storage and memory. Some operating systems, like recent versions of OSX and Linux, will use the correct terms though, and should describe the available capacity of this drive as being either 500GB or 465GiB. Technically, the review should be using "GiB" there when referring to the formatted space available to the user, but they are simply following what Windows is reporting.
Just after writing this, I happened across a post in the Optane 905p review where you were in fact pointing this difference out, so it's kind of odd that you would post this here, unless you somehow think the drive manufacturer is in the wrong for using the same standard metric prefixes to describe capacities that drives have been using since home computers became a thing. If anything should change, it's arguably the way Windows is reporting the capacity of the drive, not the way the manufacturer is reporting it.
I initially thought it was a bit funny when seeing that listed in the cons, but to be fair, most motherboards don't cover their M.2 slots, and it would have likely cost the company very little to make the drive look better. A black PCB would have gone a long way toward helping the drive match other components in the system.