The implementation of referendums needs serious reform in many democracies. My home state of California is still dealing with the effects of several propositions from generations ago but at least we get to revote on them sometimes by petitions. The UK feels tyrannical in comparison.

Voters are typically quite conservative when being asked whether to change something in a referendum. To win majority support for a substantial change is a very big ask.

I think it's right for them to be naturally conservative and, following on from that, it is then quite sufficient for the threshold to be 50%, as that demonstrates a very significant desire for change across the population.