IBC and ACI allow over-reinforced sections, but penalize the design by decreasing allowable loads to a level where one would not expect failure. This is done with a change in phi factor. But when it does fail, it can be sudden and catastrophic.
Doubly-reinforced sections are limited by practical issues of what will fit and what can be constructed. You could put 8% in both the top and bottom of a beam. Practically, this would be nearly impossible to build due to conflicts at supports and congestion issues. Even if the bar fits, getting concrete into excessively-reinforced members and consolidating it is problematic. We recommend not more than 4% in top or bottom. As an excessively simple generalization, most singly-reinforced sections use around 2% for optimal economy. That said, very few sections are ever built fully singly-reinforced due to practical construction considerations.