It's more to do with exceeding the maximum weight of the people in the lift, which is always stated, though nobody ever has any idea of how close to the limit the total weight of the passengers is, nor have they the nerve to ask the others how heavy they are, and even if they knew that, they'd have to covert it from kilograms to pounds or vice versa.
Each trip would take for ever.
I'm sure elevator manufacturers build in safety features to allow for accidental overloading. I've observed that the space available is never big enough to accommodate the maximum number of people stated on the notice.
The weight limit is for the guidance of those who want to take weighty goods, equipment or machinery.