Well, ya it's both the max RPM and amperage capability/heat.
Once you go over the typical voltage for a given motor/Kv the efficiency goes down drastically, and you will run into heat issues.
A motor likes to have a voltage just before this occurs, it's usually at its peak efficiency. 'Usually'
“The modern astrophysical concept that ascribes the sun’s energy to thermonuclear reactions deep in the solar interior is contradicted by nearly every observable aspect of the sun.” —Ralph E. Juergens