This could be a limitation of the command line shell you are using, in terms of the size of the parameters that it allows on the command line. It could also be because your blockchain has been configured to only allow a smaller amount of metadata per transaction (the max-std-op-return-size parameter). The default for this has been increased in recent versions but it used to only be 4K. (Up to 64 MB is allowed.)
In the event it's the first problem, if you look in the MultiChain help documentation for each API, you will see an example of how to access that API over HTTP using the curl program, rather than via multichain-cli. With the right settings, curl will read in the POST data from a file rather than the command-line directory, in which case you will bypass this limitation.