Developers either lose speed by not having any (or very little) solvency and therefore not being able to expose latent image centers that are not on the surface of the grain, or by being very solvent and dissolving latent image centers on the outside of the grain. There is a happy medium in there where you get to develop some of the non surface image centers and substantially all of the surface image centers. That’s roughly box speed. Clever developers that get the balance just right can beat box speed by a little bit.
But, you can see how in the case of a very solvent developer, developing longer will just dissolve more and more and won’t improve speed—it could make it worse. In a non-solvent developer, going past the correct dev time will not do much good—there is nothing more that will be accessible to develop.
In both cases there is a limit to where you can push the film through development without making things worse and/or raising fog substantially.