Likely to tox at 1.4? Not very. It would seem as though there were other factors involved in the cases where a diver tox'd at 1.3 or 1.4.
Now, there are other reasons where you might want to limit your PO2 exposure, as an example I rarely dive higher than a 0.8 to a 1.0 in a cave, but those are typically exposures of many hours. It also saves my O2 clock so that I can spend more time at higher PO2's on deco where it is more efficient, and you are doing essentially nothing but breathing, mitigating some of the risks of higher PO2.
Doing an open water recreational dive, I would have absolutely zero qualms about diving a 1.4 and dipping down even higher. I also deco out at 6m at a 1.6 because 1) it's practical on a rebreather, and 2) it is marginally more efficient.
The agencies need some limit. 1.4 with a 1.6 contingency is a reasonable limit to hold divers to who don't have the experience or knowledge to utilize with higher PO2's properly, especially since the diving they are doing really doesn't require that level of understanding.