The reason is that the lower the tip speed, the lower the potential for damage from objects thrown from the blade. Regulators regulate, that's their job. If they could limit the tip speed to 100 fpm, they would. They don't really care if the device works or not. However, there are practical limits to how far you can regulate things before you regulate them out of existence. The limit used to be 23,000 fpm and then was reduced to 19,000.
My theory on this is a follows. Push mowers need to be allowed and they directly drive the blade from the engine. If you do the math with 19,000 fpm, starting with a 3600 rpm engine, you find that the largest blade you can use is just over 20 inches. I know there are 21" and 22" push mowers, but I would guess the engines are governed to run a little slower than 3600 rpm. If they bring the limit below 19,000, it would become a real problem for mower design.