Like lots of things, the bobbin size is an engineering compromise. As the bobbin gets larger to hold more thread, the loop of thread that goes around the bobbin case will need to get larger which of course will mean the hook will need to be larger, the takeup arm, etc, essentially the machine would have to be larger/heavier.
There is another consideration also: As stitches are being made, when the needle goes down thread is fed down through the eye of the needle as it goes around the bobbin and then is pulled back up through the eye of the needle to make the stitch. With a typical sized bobbin case, you can see it's quite a bit of thread, maybe several inches of thread going down and up the eye of the needle, to make one stitch that is say 1/8 of an inch in length. It's kind of hard to picture but basically you have the same segment of thread going through the eye of the needle multiple times. The bigger the bobbin case, the more times the thread will need to go through the eye of the needle, which would probably weaken or fray the thread.