The human brain is able to make sense of multiple different overlapping frequencies but not radios
If you imagine the eye trying to discern a particular colour (frequency) you can see that it's not very good...... this is because the human eye has a very wide 'bandwidth' and the filter (the brain) isn't very efficient in this respect.
Technologically we can design filters with very narrow bandwidths - certainly MUCH narrower than the human eye/brain can achieve. If we take the eye and colour as the example, there are devices that can identify millions of individual colours in the visible spectrum whereas the human eye could only achieve (say) 16 different shade of any one colour.
There are online 'eye colour recognition' programs around that can show how good 'your' eyes are at discerning colours/shades - try to find one and have a go! Then Google 'digital colour detector' and you'll find the likes of 16-bit resolution devices that can identify (literally) MILLIONS of individual colours.
back to radio - the only difference between colours and radio is that you can't see the radio signal but the human ear can pick out individual signals even if they overlap - that's something the human brain is actually better at than digital processors. But we can make filters that limit the passband and filters of sub 100Hz are readily available.
Divide that 100Hz across even just the HF radio spectrum (DC to 30MHz) and you've got 300,000 'channels' right there. But the channels usefulness is limited by it's bandwidth as the data it carries requires 'bandwidth' to work - the more complex the data the wider the channel needs to be. Morse code requires (theoretically) zero bandwidth so you could get an infinite number of such channels however data (sent as morse code) is limited in speed/content. Analog TV signals require around 6MHz of bandwidth so you are limited (again) in how many channels can fit in a given space unless they 'overlap' - at which point, as
@davenn points out, you get interference and the data content is corrupted.
Modulation techniques often use encryption to compress the data being transmitted - which is why there are now more digital TV channels than analog - but the complexity of modulation is proportional to the complexity of the equipment needed to decode it. I'm sure quantum computing will increase the number of available channels (overall) but that's progress for you. Once upon a time we only had basic radio and a handful of signals but as technology progressed we increased that exponentially - and continue to do so.