what's ARM TCM memory?

TCM, Tightly-Coupled Memory is one (or multiple) small, dedicated memory region that as the name implies is very close to the CPU. The main benefit of it is, that the CPU can access the TCM every cycle. Contrary to the ordinary memory there is no cache involved which makes all memory accesses predictable.

The main use of TCM is to store performance critical data and code. Interrupt handlers, data for real-time tasks and OS control structures are a common example.

if it's a dedicated memory, why can we configure it's location and size

Making it configurable would just complicate the address decoding for all memory accesses while giving no real benefit over a fixed address range. So it was probably easier and faster to just tie the TCM to a fixed address.

Btw, if you are working on a system that has a TCM and you aren't using it yet, try placing your stack there. That usually gives you some percent of performance gain for free since all stack memory accesses are now single cycle and don't pollute the data-cache anymore.