For Ubuntu 12.04, in particular, the performance of the dash was such that it did not handle displaying hundreds or even thousands of results very well. In addition, it was felt that a user would find it cumbersome to parse hundreds of results visually when it was easier to type terms to narrow down the search, so limiting the number of results displayed was a good trade off.
As such, there was a limit set on the number of results a scope would return to the dash to be displayed (100 when there is no search, 50 for a search in the music lens and 20 for a search from the home lens). Presumably, in this case, the first 100 songs it finds are spread between 44 albums.
The music lens is written in vala. It should be possible to edit the source and compile and install a new version with much larger limits. The limits for the Rhythmbox scope are defined here: http://bazaar.launchpad.net/~unity-team/unity-lens-music/6.0/view/head:/src/rhythmbox-scope.vala#L48