Works with technology as well, the speed limits in your neighborhood were probably set when cars had drum brakes and poor visibility.
Speed limits are far more complicated than that.
They're used to reduce noise, create gaps in traffic so people can make left turns, give pedestrians time to cross a street, encourage people to see nearby businesses, and a hundred other reasons.
I've read a number of traffic studies in the last few decades. Some of them are fascinating in their technical depth.
Can't even get 5 more mph on the highway.