The reason motherboards limit the wattage of the CPU they can run is that they have to feed power to the CPU. Around the CPU socket you will find a bunch of capacitors and coils, occasionally these coils look like little cubes because they are enclosed, this circuitry steps the CPU power down from 12V to whatever the CPU needs, usually 1-1.8V. If you need to feed a CPU 120W at 1.2V that is 100A of current, that is a lot of current to deal with so it requires bigger traces on the board and bigger VRMs to step the voltage down than if you only needed to feed 60W(50A) to the CPU. A trace with 100A running through it will dissipate 4x as much power/heat as that same trace with only 50A running through it, thus to keep your board cheap you restrict the power of the CPU it can run and you can use smaller VRMs and save a lot traces feeding power to the CPU.