It's not complex BUT it may seem confusing at first :-).
PV panels are close to current sources with Iout loaded proportional to insolation.
I do not know exactly how the (extremely competent) Sunnyboy makers achieve their result BUT it could be done by using either raw on/off PWM or (more likely) a buck converter** = PWM with an inductive energy store to provide output energy during the off cycle.
Your description of the system providing full current and variable voltage makes sense if measured at the panels and not the output.
An intelligently controlled buck converter** can 'compel' the panels to assume any V or I which are less than the currently maximum available as long as the converter can dispose of the energy*. A panel loaded to more than its Vmp / Imp values at a given moment will provide LESS power, a current somewhere between Imp and Isc (ie slightly above Imp) and a voltage of whatever the system causes it to have.
eg a panel with Vmp=30V, Imp = 10A, Isc = 11A, Voc = 36V,
so Wmp = 300 W, under current insolation could be loaded down to 10V. It would then provide slightly more than 10A (as closer to S/C) at 10V = 100W.
If the panel was hard shorted by the controller it would provide about 11A at zero voltage so no power.
If raw PWM was used, at say 25% duty cycle into an optimum load, the panel would provide 30V, 10A when loaded and Voc, 0A when unloaded. Wout = 300W x 25% = 75W. Vpanel with a well filtered meter would be
(30 x 25% + 36 x 75% ) = 34.5V APPARENT. I apparent = 10A x 25% = 2.5A. Power apparent = 34.5 x 2.5A (too high) unless an RMS power meter was used that measured V & I simultaneously.
*As long as the VI product is less than the wattage available at
the selected voltage. That's a quibble added for completeness. eg if Vmp = 30V and Imp = 10A so Wmp = 300A, you could get say 33V but not at 10A.
** Buck or boost or buck-boost depending on system design.