Due to the the time it takes at either end, there's a fixed minimum time cost to flying. Maybe three or four hours counting both ends.
If I'm taking a 6 hour flight, it's actually a 10 hour flight. If the airplane gets there twice as fast, it's a 7 hour chunk of my time. I save three hours but how much am I willing to pay for that? It's still effectively a calendar day gone.
For shorter flights, this is even worse. For super long flights like London to Sydney, maybe it would be useful to double the speed, so that you're not wasting two days instead of one, but doubling speed is also pretty far from possible.