Batutta
Major Contributor
We simply have preferences for when those frame rates are used, and prefer slower frame rates for movies, probably because it doesn't look live and looks more fictional, like the story is supposed to be. I don't know how many times HFR has to be tried and get the same reaction for that to become clear.
True as that may be, I've never heard a convincing explanation of why that is. Only theories. To throw another theory on the pile, maybe 24fps is low enough for persistence of vision to kick in, but because the motion isn't complete our brian has to fill in the missing temporal information, and does so in a way that is pleasing to us and allows suspension of disbelief. 60 fps, 120fps, may exist in an uncanny valley of motion where its too fast for our brain to keep up and fill in the motion gaps, but not fast enough to look completely real so we can't suspend disbelief as easily. Perhaps refresh needs to be even higher to get past that, but its possible that rate would have to be so ridiculously high as to be unfeasible. In the end, if it ain't broke, don't fix it.