Frame rate and shutter speed are entangled fundamentally.
Frame rates put a cap on shutter speeds. At 24 fps, the fastest you can go is 1/24s. At 120 fps, the fastest you can go is 1/120s.
Start first with the aesthetic aspect of motion blur.
Most film is shot relative to a rotary shutter [1], with a 180 shutter being the norm, which is effectively half the frame rate. This is essential to the look of cinema today. Anything longer feels streaky and prone to feeling a bit drunk (see open shutter films by Dante Spinotti etc) and anything shorter feels like it becomes too sharp and soap opera like (see the first hobbit).
The second hobbit film went to great lengths to make the motion blur feel more like 24fps motion blur. At 48fps you have to shoot open shutter (1/48s) to match 24fps style motion blur. Any higher than 48fps and you cannot match the 24fps look.
Now this is a purely subjective choice, as is 24fps today ,given we don’t rely on optical audio track,, but it’s ingrained in people for the past 100 years. It’s the cinematic look.
Then there’s the practical aspects.
Firstly is lighting. Increasing frame rate puts a cap on shutter open time. That’s significantly more light that’s needed for every shot. This greatly increases the complexity of films where we’re already using massively high power lights. That means a ton more heat and expenditure.
Then there’s the heat of the cameras. Filming is brutal on cameras. As you increase frame rate, you increase the load significantly, leading to potentially much shorter shooting times.
Beyond that, there’s the expenditure of more frames in general. Doubling frame rates also doubles cost for storage, and the cost of post effects.
And for what benefit really? As much as I like some aspects of 48fps, audiences have pretty universally panned any shifts away from 24fps as unnatural.
[1] https://en.wikipedia.org/wiki/Rotary_disc_shutter