A few different ways of looking at it:
Admitting Copies:
You can think of it as meaning "a polynomial of degree $n$ has $n$ roots, when we allow for copies". For instance, in $\newcommand{\R}{\mathbb{R}}
\newcommand{\F}{\mathbb{F}}
\R[x]$,
$$f(x) = x^2 - 2x + 1 = (x-1)^2$$
We count that $1$ twice, since its linear factor is squared. We could also write
$$f(x) = (x-1)(x-1)$$
for instance. And we know it is a root "twice" since $1$ is still a root of $f(x)/(x-1)$, which leads into another framing...
Multisets:
Consider defining a multiset. (A set will exclude repeat entries, i.e. $\{1,1\}=\{1\}$, but a multiset does not.) Define, given $f \in \F[x]$,
$$
S_f := \left\{ (r,m) \in \F \times \mathbb{Z}_{\ge 1} \,\middle|\, \frac{f(r)}{(x-r)^{m-1} } = 0 \right\}
$$
Then this theorem says that $|S_f| \le \deg(f)$. ($r$ corresponds to roots, and $m$ to multiplicity.)
To see how this works, consider the example
$$f(x) = (x-2)^3 (x-1)^2 (x+1) \in \R[x]$$
Then
- $f(x) = 0$ when $x=2$
- $f(x)/(x-2) = 0$ when $x=2$
- $f(x)/(x-2)^2 = 0$ when $x=2$
- $f(x) = 0$ when $x=1$
- $f(x)/(x-1) = 0$ when $x=1$
- $f(x) = 0$ when $x=-1$
but
- $f(x)/(x-2)^3 \ne 0$ for $x = 2$
- $f(x)/(x-1)^2 \ne 0$ for $x = 1$
- $f(x)/(x+1) \ne 0$ for $x = -1$
so
$$S_f = \{(2,1),(2,2),(2,3),(1,1),(1,2),(-1,1)\}$$
and $\deg(f) = 6 = |S_f|$.
Factorization:
Perhaps the most explicit: how would we write this out? Given the factorization of $f \in \F[x]$, we can write (for some $a \in \F$ and $r_i \in \F$ the roots with multiplicities $m_i \in \mathbb{Z}$),
$$
f(x) = a \prod_i (x - r_i)^{m_i}
$$
Then the theorem says that $\displaystyle \deg(f) \ge \sum_i m_i$
Addendum: "At Most"
Not every $f \in \F[x]$ need factor into linear factors for given $f,\F$. Sometimes they do (in what we call an algebraically closed field; $\mathbb{C}$ is an example of one). In the above examples, for simplicity, they did, but it might not hold in $\R[x]$ in general. For instance, $f(x) = x^2 + 1$ has zero roots in $\R$, hence the "at most".
Possibly already known to you but I wanted to address the possible contrived-ness of the examples.
The multiplicity of $\alpha$ (a root of $f$) is then the number of times $(x - \alpha)$ shows up in the factorization. In other words it's the number of monic, irreducible polynomials $p_i$ that take the form above. Correct?
Yes, if you only allow powers of $1$ and write
$$f(x) = a \prod_{i=1}^{\deg(f)} (x - r_i) = a \prod_{i=1}^{\deg(f)} p_i(x)$$
(for $r_i$ roots and $p_i(x) := x-r_i$), then the number of times $p_i$ appears in that product is the multiplicity of the root $r_i$. (Though I feel somewhat adverse to this framing since then you have a bunch of root-multiplicity pairs that themselves are not distinct, but I suppose as long as it's not taken as a rigorous definition, all is fine.)
does that phrase simply suggest that the way we determined that at most the number of roots can be $n$ for $deg(f) = n$ is because $(x-\alpha)$ is a linear polynomial and linear polynomials are the lowest degree polynomial that can be irreducible so given the fact that $deg(p_{1} \cdots p_{k}) = deg(p_1) + \cdots deg(p_k)$ the most we could potentially get is $n$ linear polynomials and thus $n$ polynomials of the form $(x-\alpha)$ and hence $n$ roots?
Depends on how you look at it.
Are you suggesting this might be the proof? If so, I wouldn't be convinced.
As a heuristic? Yeah, sure, I suppose.