I checked in with a few of the developers and it would appear that the reason for this has to do with two things:
The "responsive nature of the site."
and "Probably has to do with GB code."
That being said, it doesn't seem like there is anything saying that we couldn't change the title limit (yay!) So, if you would like, please feel free to create a poll in the forum of your choice (one that you frequent) and ask if they would like to see the character limit increased. If there is enough community support of this feature I will happily present it to the developers as a site enhancement request.
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