There’s two main reasons:
1. Faster speeds require more fuel
2. There’s a limit to how fast you can go over land, the speed of sound. If you pass the sound barrier, you create sonic booms, which would disturb people. You can fly past the speed of sound over the ocean. The Concorde did that. The problem is that it isn’t very feasible because you can only do intercontinental flights, and it requires a lot of fuel, which raises prices to unaffordable levels.
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