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The reason for limiting this is a temporary measure to ensure the stability of the network; too many nominators would make it possible for the Phragmén calculation for the validator election to cause nodes to OOM. I recommend reading https://hackmd.io/wC6XTy36QsCmkfolX38Miw to understand what the problem is, and https://github.com/paritytech/substrate/issues/9511 to follow along with what is being done to fix it (tl;dr is multi-block elections and long term a staking-specific parachain).
NOTE:
The number of mentions on this list indicates mentions on common posts plus user suggested alternatives.
Hence, a higher number means a more popular project.