There are a few factors at play here, but I think that the most obvious one is acceleration.
When you’re merging onto a highway, you’re only given a short amount of time to accelerate to highway speeds. If your car only had a max speed of say, 70 mph, it would take considerably longer for you to be able to hit highway speeds than if you’re car could go 130 mph. Think about how much larger and thusly expensive our roads would become if we had to accommodate for much larger acceleration ramps. Also, cars that only went 70 mph could probably not always maintain that speed due to hills/terrain and other external forces such as the wind.
Edit: typos
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