It has to do with the sensor's capacity for handling light. You can think of each pixel as being a small bucket which gets filled up with water when it's exposed to light. Only so much water can be held in each bucket. The size of each of these little buckets is built into the sensor through its design and won't be changed thereafter unless a better design comes along. Ideally, you want to set an
exposure so none of the little buckets gets overfilled by the brightest area in the scene. All the other buckets will contain less water which is completely ok. For good sensors, the amount of water in each bucket can be read out to extremely small values (let's say 1/64,000,000 of a full bucket), and any where in-between that and a full bucket. This determines how many shades of gray you can have (a lot, for a good sensor).
Now to increase ISO, you give the sensor less light, that means all the little buckets have less water in them in proportion to how much the exposure is decreased (let's say for this example that is 1/100 of a regular exposure). It's a simple matter when the water in each bucket is measured, its value is just multiplied by 100 to get a regular looking exposure. If you increased the sensor base ISO by 1000, just multiply by 1000 and so on........
Now if you have your head wrapped around this so far, we'll continue. First, there's a trade off in increasing ISO. Since there is less water in each bucket and we compensated by multiplying, the number of levels that can be measured
decreases by that multiplication factor. In other words, the smallest value was 1/64,000,000 of a barrel originally, but if we gave the sensor 1/100 the amount of light, filling each bucket 1/100th of it original value, and multiplied by 100, the smallest value now becomes 1/640,000 of a barrel and we have fewer levels (fewer shades of gray) that can be captured. This contributes to a decreased dynamic range for the sensor, more noise (for reasons I won't get into) and at some point, really bad photos.
But to get back to your original question about lowering ISO - You can't go the other direction because of the sensor. If the sensor is exposed to more light (meaning the barrel content values would be
divided), some barrels are going to overflow and the brighter portions of the image would be lost. The sensor just can't handle more light, period.
A camera manufacture could cheat and set the point where this overflow happens at a lower ISO value (say 10) but then by the time you get to usable ISO values, image degradation would have set in. It becomes a matter of putting the best sensor performance (where only the brightest image areas are near filling the pixel buckets) at a reasonable ISO value, and in fact, this is constrained since it has to correspond to the standard ISO definition. So if a standard exposure (at a given lens opening & shutter speed) produces a good exposure, a certain ISO must result.
Actually you can get your camera to a lower ISO than its lower ISO limit. Take the K-1 for example which has 100 as its lowest value. Set the camera to 100 ISO and put a 1 stop ND filter on the lens - the camera now has an ISO of 50. Forget about all else and for all practical purposes, you're shooting at an ISO of 50. The lens has to open 1 stop more or the shutter has to slow to half its former speed value (or you have to move the camera's ISO to 200 - which is actually only 100 now).
Increasing the capability of sensors probably won't do much for the lowest ISO value being lowered, but it will allow better performance at
higher ISO values and allow those to be extended (or at least result in better images at those higher values).
As you can tell by this lengthy diatribe, I too have too much time on my hands, but I hope this helps your understanding of what's involved