The limiting factor is the bus capacitance. This is the limit of the total capacitance of the bus from all devices connected to it plus the capacitance of the wires used.
It is also affected by the value of the pullup resistors.
The limit, according to the specifications, is 400pF. An Arduino has an input capacitance of 10pF. So ignoring the wires that's an absolute limit of 40 Arduinos all connected together.
Reduce that a bit for the wires, so say 30 is a reasonable estimate. Then reduce that again if you're using the internal pullups which are about 10x bigger than they should be. That gives you a guestimate of 5-10 devices.
Use proper pullups instead of the internal ones (why oh why oh why did Arduino ever encourage and even make default such a stupid option?!?!?!) of say 1kΩ and keep wires very short and you'll probably be OK up to 20-25 devices.