In the world of locked multipiers, overclocking is done by increasing the front speed bus (FSB). You can only bump that bus in MHz increments. If your CPU maxes out at 2110 MHz and your 24X multipiers mean you have to choose between 2090 and 2114 (for example) you'd be at a slight loss. With a 12X multiplier, you could hit 2102 and be closer to the max for that cpu. While this is a part of overclocking, the economics are probably a bigger part.
Now, there's economical concerns as well. Lower multipliers are going to be found in the slower products at a set FSB. When a (for arguement's sake, Intel) CPU moves to a 200 MHz FSB and there's 2.4C (12X multiplier) and 3.0C (15X multiplier), both CPUs are from the same material but one costs much less. Same material may mean that Intel had to sell these pieces as 2.4Cs because that's what people were buying, but this CPU might have been able to run as a 3.0C if people wanted to pay the money for it. The other possibility is that the processor had a defect that made it only stable up to 2.4 GHz and you're not going to be able to get beyond that.
Earlier posts were talking about higher FSBs. In general, yes, higher FSBs mean more bandwidth available to feed the CPU... while a good thing in itself, I think higher default FSBs (in the case of overclocking CPUs) tends to signal a new core and a new range of CPUs with the appropriate low and high speeds/multipliers. Alphanos's description of why they develop to a higher FSB is a good one, but I wouldn't consider that an explanation of overclocking. The memory bus and the FSB can run independently, but matched is the ideal.
As the original poster hasn't checked in or responded, I think it's safe to let this one drop.