It's probably because of CPU power. Encoding high resolution video take a lot of CPU power, and the Pixel has more CPU power than other Chromebooks.
If anyone has this device, what is CPU usage on the source like when tab-casting?
And now people have published the extension of that, which is that you can cast whole screens and arbitrary content just as video streams - http://www.droid-life.com/2013/07/26/tip-chromecast-can-cast...