There's a slice of the population that needs accessibility devices to unlock their iDevices. It'd be unfortunate if they couldn't unlock their devices anymore due to a security feature. 7 days sounds like a compromise between usability and security.
I assume it's a number they chose to strike a balance between security and eventualities that create support burdens.
It could probably be user-defined, but when it comes to setting a one-size-fits-all default and offering users an option, Apple usually selects the former.