Also, approaching it from the other side -- AM simply has lower bandwidth because that's what it was defined to be, way back in the day. And commercial FM has an intentionally wide bandwidth (200kHz channels), I guess because it performed better with the discriminators of the time?
Traditional voice channels are a few kHz -- same as telephone (500-3000Hz), and can be exactly that when modulated SSB. Presumably, broadcast wanted higher quality than this, so they established it at a higher bandwidth.
There is narrow band FM (typical in VHF and higher amateur bands, isn't it?), which has the expected doubling (plus a little) of bandwidth.
Tim
Wider deviations perform better with any currently used type of FM detector.
For complex historical reasons, AM Broadcasting in Europe has very low audio bandwidths, compared to the USA & Australia.
In both of those countries, the programme audio bandwidth was 10kHz for many years, but was in later years, reduced to 9KHz.
These audio bandwidths translate to transmitted RF bandwidths of 20kHz & 18kHz, respectively.
It would have been possible to produce MF "Hi Fi" transmissions with audio bandwidth out to 15kHz, but this becomes messy, as the RF bandwidth becomes 30 KHz, which is a substantial percentage of the carrier frequency at MF, necessitating heroic measures to make it work, including wide receiver bandwidth, with the consequent problem of intererence from other stations.
The twin advantages of noise rejection & the "capture effect" made FM very attractive, but the wider bandwidth required to take full advantage of this mode were not available at MF.
Thus, FM Broadcasting was moved to VHF, originally around 49MHz, then moving to the current allocation.
Plenty of available RF bandwidth lent itself to extending the programme audio bandwidth out to 15kHz, & increasing the deviation far above the low figures used with NBFM comms equipment, (to 75kHz).
This improves the noise rejection substantially.