Actually, it's the track itself that limits the speeds.
Compare Michigan to Daytona & Taledega:
Michigan:
Track Shape: D-Shaped Oval
Track Length: 2 miles
Front Stretch Length: 3,600 feet
Back Stretch Length: 2,242 feet
Banking:
18˚ Turns
12˚ Frontstretch
5˚ Back Straightaway
Daytona:
Track Shape: Tri-Oval
Track Length: 2.5 miles
Front Stretch Length: 3,800 feet
Back Stretch Length: 3,000 feet
Banking:
31˚ Turns
18˚ Tri-Oval
3˚ Back Straightaway
Taledega:
Track Shape: Tri-Oval
Track Length: 2.66 miles
Front Stretch Length: 4,300 feet
Back Stretch Length: 4,000 feet
Banking:
33˚ Turns
16.5˚ Frontstretch
2˚ Back Straightaway
As you can see, not only is the banking at Taledega almost twice that of Michigan, but the backstretch is almost twice as long.
At Michigan, they have to stand on the brakes at the end of the straights to slow the cars down enough so they don't go careening off into the outside walls.
At Taledega, they run wide open with no braking whatsoever.
With no restrictor plates, I believe the cars at `Dega would reach almost 300mph at the end of the backstretch.