In the original 8-team leagues, you played each of 7 opponents 22 times, for 154.
When they expanded to 10, you played 9 opponents 18 times each, or 162. It’s stayed at 162 since, despite ever-increasing layers of playoffs that have occasionally caused the season to extend into November.
There is nothing any more sacrosanct about 162 than about 154.
Ruth's record has now been broken 7 more times, but the only one which may be legitimate (no performance-enhancing drugs) was Aaron Judge in 2022 with 62.
No player who beat Ruth's 60-home-runs mark is in the Hall of Fame. I suppose Aaron Judge may be after he retires.