Manufacturers usually quote "maximum" speed for normally-aspirated aircraft at sea level, because that's where maximum power is available. It's not efficient, and miles per gallon will be lower, but the brute horsepower overcomes the thicker air somewhat.
"Cruise" performance is generally quoted at 75% power. Manufacturers have settled on this arbitrary figure as a reasonable balance for speed, economy, engine wear and cabin noise; and some engines should not be run continuously above 75% rated power. The highest that a normally-aspirated engine can produce 75% power is in the neighborhood of 7,500-8,000 feet density altitude. So cruise performance is usually quoted there, where the air is thinnest (i.e., least drag) with 75% power still available.
Higher altitudes are more efficient (i.e., better range), but less engine power is available, so true airspeeds at full throttle are less, despite the thinner air.
Here's a screenshot from the POH for my C-172N.