Kinetic Energy...
Calculated as 1/2 * Mass * Velocity Squared
Increasing the velocity of a bullet by 41.4% doubles its energy.
And as others have stated...trajectory.
If we had to keep .308 cast bullets at under 2000 fps we could do that in calibers like the .30/30, .300BO, 7.62x39 etc. Not much sense in using .308's, .30/06's etc.
Many hunters using cast bullets go with larger calibers at slower velocities that are conducive to shooting cast bullets. They accept the limitation in range as part of the trade-off. With the shorter range, accuracy is less important...and typically, cast bullets will not be as accurate as jacketed.
I hunt with jacketed bullets to get the most energy, best accuracy and greatest range out of my weapons. For me, cast bullets are for pistol shooting and plinking. I am "stuck" with .223, .308 Win. and .300 Win Mag., so cast bullets are inferior in my situation. If I hunted with a .38/55 for example, cast would be fine.