I don't know the answer to why the 2.4GHz ISM band is at 2.4GHz, but I do know the answer as to why the 2.4GHz band was chosen over others. (I also know why the 61.5 GHZ ISM bad was chosen to be 61.5GHz.)<p>The choice of the 2.4GHz band needs to be seen in the context of 1995, when the first WLAN prototypes were built.<p>The lower limit was set by the desire to have the smallest antennas possible, to allow WLAN equipped devices to be portable. The higher the frequency, the smaller the wavelength, the smaller the antenna.<p>The upper limit was set by what was technically possible in 1995. The desire was to use cheap CMOS technology to build WLANs. In 1995, it was just possible to build a 2.4GHz radio in CMOS and research was in progress to build a 5GHz radio.<p>Consequently the first WLANs came out at 2.4GHz. Since then, WLANs have remained at that frequency for compatibility reasons (Metcalfe's law). 802.11a was defined to be 5GHz, because 802.11a came out after 802.11b and by then a 5GHz radio was possible in CMOS. Due to the dominance of 2.4GHz, 802.11g was later defined to be 802.11a at 2.4GHz, to take advantage of readily available 2.4GHz RF components, and allow 802.11a rates without having to have a dual-band radio.<p>61.5GHz was chosen for ISM because it is heavily attenuated by oxygen the atmosphere. This makes it unsuitable for long-range communications, but great for short range, since the high attenuation provides a degree of isolation between networks.