ICs are very complicated devices. If all it took to make a chip go fast was to raise the voltage supply, I'm sure we'd all be talking about how to get more Kilovolts into our computers
Actually, as the circuits get smaller and smaller, they have a smaller and smaller voltage ceiling. There was a large family of logic ICs that ran at 5v. You can still find those, but more modern chips run at 3.3v. Those are mostly general purpose logic chips. When you start optimizing for speed, you start looking at really small devices and much lower voltages. One reason for the low voltage is slew rate. It takes less time for a given device to go from 0v to 1.5v than it does to go from 0v to 3.3v. Another reason has to do with the physical properties of the devices. Transistors are at the heart of almost all ICs. Remember that smaller devices are faster, so fast memory is made of the smallest transistors possible. The smaller a transistor is the lower the breakdown voltage is. In other words, a smaller voltage is required to break down a smaller transistor. Yet another problem that raising voltage has is power dissipation. The more 'juice' you give a chip, the hotter it will get. Once temperature gets too high, performance gets erratic. Raise the temperature even more and you risk permanent damage.
So, the standards process looks at what is curently possible. They look at yield and performance and device characteristics. They want standards that are realistic and will have a high probability of generating devices that work. They could 'specify' memory that is a hundred times faster than anything on the market now, but nobody would be able to manufacture it.
By selecting the best chips rolling off the assembly lines, manufacturers can meet the current specs. Some chips can run even faster, hence the YMMV comment above. It is pointless (right now, anyway) to set up a spec beyond what we already have. Of course, manufacturers are hard at work making smaller, faster, better chips. When the technology matures, a standard will emerge that will keep all the devices happily working together.