The design of the I2C bus is such that -
- when an falling edge occurs on SCL, that may cause a slave device to immediately assert SDA, without any particular minimum delay;
- the relative ordering of rising and falling edges is of critical importance.
Because of difference in driver strength and line capacitance, it would be theoretically possible that one device might respond to a somewhat slow falling edge on SCL by driving SDA so fast that another device would see SDA fall first.
It might have been possible to define multiple logic thresholds on SCL, and specify that for a falling edge on SCL to be considered as coming after an edge on SDA, it must still be above 2/3 VDD when the edge on SDA is detected, but a device may not assert SDA in response to a falling edge on SCL until it has fallen below 1/3 VDD, but the spec is not written in such terms.
Instead, devices which see near-simultaneous falling edges on SDA and SCL will generally regard the edge on SCL as having happened first unless it is substantially preceded by the edge on SDA. Some I2C implementations handle this by synchronizing SCL and SDA to some external clock and requiring that a falling edge of SDA be observed two periods before that of SCL in order to be regarded as having come first. If the speed of operations on SCL and SDA is too fast relative to the synchronizing clock, the devices may perceive arbitrary sequences of high and low signals on SCL and SDA; if one of those sequences looks like it is addressing the slow device, it may react accordingly, squashing any other communications that may be going on.
There's no particular reason that devices on an I2C bus should have to rely upon synchronization to a system clock (being able to sense two discrete thresholds on SCL would be better), but the fact is that some devices in fact work that way. Note that even if a device which was limited to slow speeds internally wanted to coexist with a fast bus, it would likely have to at minimum employ clock stretching any time something was going on that it might be interested in.
This would cause some communications to occur more slowly than they otherwise might, but the speed degradation likely wouldn't be nearly so bad as is required with the clock-synchronized design (the actual amount by which the slow device stretches clocks likely wouldn't be so bad as the amount by which the clock must be slowed down to avoid worst-case-scenario failures in the synchronized clock units).