The Apple specs for its laptops usually top out at 60Hz because you would need at minimum DisplayPort 1.3 to drive a 5K 5180x2880 at 60Hz, or DisplayPort 1.4 with Display Stream Compression (DSC) to drive a 5K display at full resolution faster than 60Hz. Without DSC, a 5K display would remain at a 60Hz refresh rate.
I believe Apple is still using DisplayPort 1.2, though they never reveal this in their specs, and that version would limit 5K to 5180x1440 @ 60 Hz. Should Apple Adopt HDMI 2.1, or DisplayPort 2.0 in future products, the 120 Hz refresh rates will be provided by those standards.