Oh LoL. But could a player be going much faster in a vehicle and then accidentaly (Or otherwise) jump out?
It extends to vehicles too. If you want to experiment, you can write a console command to fire yourself in some direction at a speed of 300, then test it a split second later to find that it's definitely capped at 200. I've only seen one in-game circumstance where the speed limit was surpassed, and that was a glitch that set it in the millions, which you don't really need to account for because when you're going that fast it'd be a miracle if a collision with something even registered in the first place. 250 is fine.
Is the number actually based on something or is it something that the engine creator(s) punched into the code?
The latter. 200 is a nice even number and is pretty fast.