For a point in the first quadrant, xy is the area of the axis-aligned rectangle with opposite vertices at the origin and (x,y). Thus the maximum says that the largest such quarter-rectangle with its outer corner on the ellipse has area one.
Equivalently, reflect this rectangle in both axes. Its four vertices (±∣x∣,±∣y∣) lie on the ellipse, and its full area is 4∣xy∣. Therefore
the maximum area of an axis-aligned rectangle inscribed in the ellipse is 4.