For example, when you have an O(n^3) algorithm and want to process 10,000 elements (which are very few in many situations), it will be, as a rough estimate, 1,000,000,000,000 times slower than processing a single element. This will be acceptable only in very specific situations. As a rule of thumb, an exponent of 2 is already unacceptably slow in many practical situations, and at least on the verge of being unacceptable in others.
You're essentially referring to the idea that could be loads of high-order poly-time algorithms, but we ignore them because those algorithms are slow, and therefore we don't use them. So in the space of all useful algorithms, we simply have a very biased sample.
I think the truth is more profound than that. There actually don't exist very many interesting* algorithms in the classes O(n^(k>3)). The real world we live in and model does not feature many interesting problems for which high-order polynomial complexity algorithms are natural solutions.
*Not sure what the right word to use here is...maybe non-trivial? The point I'm going for is to say that obviously we can invent an O(n^5) algorithm by simply nesting our loops five-deep and printing something, but that's a constructed example. I'm looking for algorithms that naturally arise as a solution to some problem.