There is this socket for a light bulb, and it says LED only.
Why is it like that?
Is it just for power limitation (not to exceed power,) because LEDs take less power, or is there another reason?
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Yes it is a power limitation. Many light fixtures with just regular lamp sockets may have rating like 10W and it is quite clear that heat from regular incandescent bulbs would melt the material. It also might allow for cables with smaller wire diameter.
Most likely a power/current limit. Classical light bulbs consume much more power, therefore need more current. They probably used low gauge wire not capable of handling that much current. Unless there is some drive circuitry hidden in there, but I dont think so.