Because the shutter speed dial also has to throw a switch inside the camera to switch from flashbulb sync, which it provides at all other shutter speeds. So they have a dedicated setting for X. It sets the shutter speed cams at 1/60, but closes the flash sync contact when the first curtain finishes opening, rather than when it starts moving.
Canon had some nice patents on this, see US Patent, err, darn. My IV-SB2 has film in it, and the IIF only has "Patent Pending" for the US.