It has to do with the panel technology itself and the manufacturing process and cost behind it.
TN panels are cheap to manufacture and have fast response times. They have narrow viewing angles which causes color to shift easily. This is basically due to how the pixels in a TN panel operate which is beyond the scope of this reply. They use 6-bit color technology for each primary color to reduce cost. Doing some simply binary math, 6-bit = 2^6 = 2 x 2 x 2 x 2 x 2 x 2 = 64. That means for each primary color (Red, Green & Blue) has 64 shades to make a total of 256k colors. That's 64^3 = 64 x 64 x 64 = 256k. Using a process called temporal dithering (flashing between 2 colors to make a 3rd color) the remaining 16 million color are created. Since these are "artificial colors" they are not precise, but good enough for the average person.
More expensive technologies like VA and IPS are true 8-bit color LCD panels which can truly create 16.7m colors. It requires more materials which also means increased manufacturing time which leads to increased costs. Again, doing some simple binary math 8-bit color = 2^8 = 2 x 2 x 2 x 2 x 2 x 2 x 2 x 2 = 256. That's 256 shades of each primary color (Red, Green, Blue) to create the entire rainbow of colors. This translates to 256^3 = 256 x 256 x 256 = 16.7m colors. The way these type of panel technologies operate is behind the reason why colors shift less than TN panels and why they have wider viewing angles.
The monitor I recommended was the Dell U2211h which uses the newer e-IPS panel. It is pretty inexpensive compared to other IPS panels. Basically it is a blend of IPS and TN panels to look at it another way. I stated above that all IPS panel used 8-bit color. However, e-IPS is the exception for most the different models. e-IPS is a 6-bit IPS panel to cut down on cost and make it competitive against more expensive TN panels.
Accurate color representation is much, much more complex than you think and also much more expensive. For those people who really need highly accurate colors they go for the high end monitors and high end printers and don't forget the softwares used to calibrate them. When I say high end I mean $3,000 - $6,000 for NEC or Eizo monitors and $3,000+ for thermal wax color printers.