Why doesn't YouTube have 50/60FPS support?

With data prices and speeds as they are currently, no.
Video encoding works in a way that does not require a lot more bandwidth. They should allow people to upload videos at higher frame rates. Besides, they already allow 1080p - that's ridiculous :)

I'm sure even google's servers would battle with that bandwidth.
They already have 1080p running at something like 3Mbps, so it's not that. They just focus too much on spatial resolution, without upping the temporal resolution (frame rate).

since my eyes can't see more than 25 FPS the rest is a waste
Are you joking with me, or can you really only see 25 FPS? Wait, you read that somewhere - didn't you? My optometrist also told me that 27 FPS "nonsense". I think it's a little more complicated than that.
http://www.mediafire.com/?3m536***mmdkokd (this test works best on CRT and OLED monitors - under a megabyte download)
You can't see the difference between 30 and 60 fps?
 
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