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it's pretty much random, just happens that a lot of the historically critically acclaimed films are a bit longer. It's far from a "rule" though. IT is about a week long and it's fucking shit, I'm not really a fan of any of the Lord of the Rings films, while I generally enjoyed it and thought some of the performances were great, I think Magnolia as a whole is pretty overrated etc. For every 10 great 180 minute films, there are 50 great 90 minute films. You don't need a longer running time to "put more focus on characters" and so forth, just good writing/directing/casting etc.
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