Earlier versions of Fate had characters with 10+ aspects. DFRPG cut that down to 7, the latest version, Fate Core, has reduced that to 5.
The main reason is that it is really hard to keep track of that many aspects. Imagine you are having 5 characters in the game, with 10 aspects per character, that's 50 aspects just for the player characters alone. Add some opposition, and you'll drown in them.
Another problem is that often you end up with redundant aspects, where you have two or more different aspects convey the same idea about the character. Less aspects will give you a clearer picture of the character.