I went to the track this weekend. 120mph exceeded easily, legal, and fun. and in a road legal car that can be driven to and from the track on regular roads, by anyone with a drivers license. The only difference from the regular driving was that I was wearing a helmet.
Now if the car was limited, that sort of activity would be impossible. It is limited to 155mph but I can only hit that on the bigger of the tracks.
There are also several areas in the US (Montana is one of them) where there are no speed limits on public roads out in the ‘sticks’.
The new wave of cars will have special limiters (and de-limiters) that will have a limit (say 115 mph) and then remove it when you arrive at a racetrack based on the GPS coordinates.
Additionally, there are tax incentives for car companies when importing cars. The DOT issues tarrifs based on the maximum speed of the car. It is a clif system so you almost always see cars limited at the following thresholds:
112mph
134mph
155mph (250kph)
The last limit is something that typically only effects european cars, and this speed is considered (unlimited) by the DOT. But not by the German Green Parties.
It also should be considered that cars (like say a big mercedes S class) can go 200mph based on the engine and aerodynamics. However, think about the suspension traveling requirements, and the tire heat, brakes, etc. All of the other components must be able to handle that sort of speed. It would cost an arm and a leg. So they limit it to 155mph, instead.
Additionally, you don’t see many people driving around at 120mph+. Firstly, not many cars can do that (easily and quickly). Second, the likelyhood of going to jail – or having other SEVERE penalties for doing this on public roads is very severe. I would venture to guess that most speeding tickets (I was unable to find a reliable resource on this) are in the 10–20mph over the speed limit.
I hope that answers your question.
Cheers!