A 5g connection with little to no interference between you and the tower is pretty fast. But that tower is used for more than just you, and that tower has a wired uplink somewhere else. If there’s enough people on the tower, they can saturate the uplink connection to the tower, even if the 5g spectrum still has capacity.
It’s like asking why an F1 car can’t do 200 miles per hour in rush hour NYC Traffic — The F1 car isn’t the limiting factor, the infrastructure it’s on is saturated.
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