Every body is different. For some, it may not be safe to have levels above 400. One of the primary concerns for people who are on E is the increased risk of developing deep vein thrombosis (DVT), a potentially deadly complication. This is much more likely to happen if you are overweight, less active, older, and/or are a smoker. If you have any of those risk factors, your doctor may be keeping your levels lower out of concern for your safety.
There is also an increased risk of developing higher cholesterol with higher levels of estrogen.
Healthcare is a team effort. The doctor can do his part, but you have to do yours by managing your weight, exercising regularly, and cutting out bad habits like smoking. If you're very healthy, then your doctor is much more likely to approve higher levels of E in your HRT.