Tires. Manufacturers rate their tires for certain speeds.

https://www.bfgoodrichtires.com/tires-101/tire-basics/about-...

Many cars use S-rated tires and that's the 112mph limit. It's all about liability.

Sports cars usually use higher speed ratings, whereas a truck or van might be limited ~ 100mph. They typicaly have off-road or tires with higher towing capabilities which have lower speed ratings.

It's reasonable enough to make any higher limit unreasonable, while still being high enough for fast drivers. German cars are usually limited to 250 km/h. With this new, still high limit from Volvo, the German manufacturers now have to justify why their own limit is so high.