No idea, but if I'd had to speculate: Probably ProMotion activates a quite different internal rendering mode, and fixed 60 Hz mode offers a way to opt out of that?
Many applications have a way of synchronizing their drawing loop to the monitor refresh rate, for example; ProMotion must be doing something clever to support them, or they'd just force the refresh rate to 120 Hz.
macOS also supports variable refresh rate external monitors these days (via both DisplayPort and HDMI); I'm not sure if that would be labeled "ProMotion" in the display settings, but in any case there are things that can go wrong there, and having a way to opt out of that at the HDMI/DisplayPort signal level (and not just fixing the frame rate at the GPU level while driving the external link under VRR) seems like a good idea.