It’s partly to do with the efficiency of your heart/lungs. Your actual max heart rate occurs when it can no longer pump the blood efficiently enough to cope with the muscles demand for oxygen. This is also affected by the ability of the lungs to oxygenate the blood.
I, for example, have relatively small lungs for my size (I’m not sayin’ I’ve got nowt but y’know) so I feel the effects of a higher heart rate well before my more well endowed friend of the same age who can happily run a fell race at an average of 185bpm – I feel like I will expire at about 165!
There is another formula proposed by Maffetone which takes into account your general fitness, frequency of illness/injury, etc.
Undoubtedly there will be recording errors – my wrist mounted GPS frequently records my max run speed as in excess of 35mph . . .