Uhm, there are lots of answers stating that power series are chosen for values, but there no answers WHY power series are chosen.
In first glance there's nothing suspicious with linear series. Let's choose simple series like 1, 2, 3, 4, 5, 6, 7, 8, 9 and 10 ohm for resistors. Ont bad. Now, expand series to 100 ohm: 11, 12... hundred of different values... thousand values for kiloohm and... million for megaohm range? Nobody will make them all. Ok. we can make them with different step for every decade: 1, 2, 3 ... 9, 10, 20, 30 ... 90, 100, 200. This seem more reasonable. Very old series had such values (capacitors were).
Let's look on a problem from another side. Fabrication process have tolerance, generally constant in units of nominal values. Say, 10 ohm resistor is actually somewhere between 9 and 11 ohm and 1000 ohm one is between 900 and 1100 (i took 10% tolerance for example). You see, there's no need to make 1001 ohm resistor, because such small difference does not make sence with such broad range.
So, it is reasonable to choose neighbour values such way, that tolerance margins will touch together: R[i]+tol% = R[i+1]-tol%. This leads us to solution to choose step proportional to nominal value (and near to twice the tolerance): say, after 100 should be 120 and after 200 should be 240, not 22. Lets build such series for example (given 5% tolerance, so every next value should be 10% greater):
1,
1 × 1.1 = 1.1
1.1 × 1.1 = 1.21
1.21 × 1.1 ≈ 1.33
... 1.46
... 1.61
... 1.77
... 1.94
... 2.14
... 2.36
Look, we get power series very similar E24 series. Of course actual E24 is somethat aligned, first to have whole number of steps in a decade, and second to include most values already produced (thats why 3.0 and 3.3 there, not 3.2 not 3.1).