I enjoyed the history of ETOPS-138 [0]. ETOPS-120 leaves some small triangles of the Atlantic inaccessible, particularly if one emergency airfield is unavailable. A 15% increase to 138 minutes covers it.
Anecdotally, though, my experience as a commercial passenger feels like airlines fly almost directly over pacific islands rather than within X minutes of diversion. My memory may be anchored in bygone years.
[0] https://aviation.stackexchange.com/questions/30979/why-etops...