There seems to be a fix for this, see this thread:
https://www.raspberrypi.org/forums/viewtopic.php?f=43&t=273358&p=1658103#p1658078
I received my camera + 16mm lens today. I did a fresh install of Raspbian on a spare RPi3b and played with CLI commands a bit, trying different exposures of 1s, 2s, 4s, 8s, 16s. Note that I manually fixed as many parameters impacting the exposure as possible to avoid the camera to take exposure related decisions for me. Everything below 10s worked fine but didn't get it to work just using e.g. following command for a 16s exposure. The embedded text in the image showed the exposure as 10.2s instead, same upper limit as you were hitting.
raspistill -ISO 100 -ex verylong -ss 16000000 -a 16 -o test.jpg
However, when I forced the sensor mode to mode 3 (see camera guide p.110) with below command, the image data did effectively show the captured image had a 16s exposure (15.999-something to be exact) and subjectively it indeed looked 1 stop more exposed than the 8s exposed image.
raspistill -md3 -ISO 100 -ex verylong -ss 16000000 -a 16 -o test.jpg
Note that it takes a long time to take a long exposure (approx. 5-6 times the exposure time). The reason why is explained at the bottom of the linked thread, still something to be fixed. Will play a bit more with this the coming days, including a proper recompile of the raspistill as mentioned on the linked forum thread.