There are two fundamental reasons why the FOV needs to be limited in a 1st person game:
- Because of picture distortion: we have architects who spend a crazy amount of time finding the exact right scale of buildings, streets, and all volumes used to build the world. Set a too wide or too narrow FOV, and you totally destroy the work they did at building a nice and edible picture. Unless you're a fly, you can't see 120° around yourself.

- Because of the player model proximity to the camera: when player arms are displayed on screen, increasing the FOV value often results in visual glitches, most commonly camera coliding with the arms model, allowing the player to see "inside" them. Believe me, you don't want to buy a game with such a bad polish!