That one also turned out a myth :) CD size was determined by Cassette tape dimensions (diagonal, human can still hold one in one hand) and that combined with conservative pits/lands/track pitch choice drove the play time.
thus CD runtime was derived from something "what we had at the time".
"Everybody just liked it that way and it costs too much to change it now": https://www.exocomics.com/743/
Not always, for example original CD disks had capacity of 74 minutes to accommodate Beethoven's Ninth Symphony.
That one also turned out a myth :) CD size was determined by Cassette tape dimensions (diagonal, human can still hold one in one hand) and that combined with conservative pits/lands/track pitch choice drove the play time.
thus CD runtime was derived from something "what we had at the time".