I think the IIfx required 80ns RAM. If they had IIfx RAM built with 60ns chips it would have had plenty of margin for the faster speeds.
It's also possible that with the asynchronous memory access, it just didn't matter that much. Or the number of clock cycles spent waiting on 80ns access may have been sufficient at 50 MHz as well as at 40 MHz because of rounding. That is, if a read takes five cycles at 40 MHz with 80ns RAM, it may be that the access is actually done in 105 ns rather than 125 ns. That 105 ns is close enough to five X 20ns cycles you'd get at 50 MHz for it to probably work, if there's a little margin in the memory chips...