I'll bet there are as many theories as there are people to provide an answer. My guess is that there was likely a set of trade-offs that may have included accepting higher insulation requirements and protocols for allowing the use of smaller copper in the wiring that led Europe to make its choice for higher voltage. As for the US, I think Edison having sort of set things up for us to be a 110-110 Volt (albeit DC) country by his initial design choices and the magic number sort of stuck for convenience.
As for 50 or 60 Hz, my guess is that there are too many variables to even begin to make a compelling case, but that at least for the US Tesla's initial calculations zeroed in on 60 Hz as a good optimal compromise between competing options. Even in the US we have varying standards in different industries. For instance aircraft often use 400 Hz AC to allow for downsizing of components (equal performance with less volume and mass). However, that only works well because the wiring/electrical system is very "local" - transmitting high frequency AC over long distances is not efficient/economical.