The palette is worked out in OKLCH, a colour space where equal steps in lightness look like equal steps to the eye. Secondary and accent colours turn the hue and keep the lightness and chroma. Anything outside what a normal screen can show has its chroma lowered until it fits.
Contrast uses the WCAG 2 formula. The meanings come from colour surveys in Europe and the United States, so they won't hold everywhere: in China, red stands for happiness and good fortune, and in many Asian cultures white is the colour of mourning.
Swatch colours on this page are my own picks, not official brand values. Brands are named only where a source says they are known for the colour.
27 pages, all read when this was written.