A specification quotes a data rate. What determines whether a link works is the insertion loss between transmitter and receiver at the Nyquist frequency, and that is a property of the board, the connector and the vias rather than of the silicon.
So the sequence is: establish the channel first, then choose the interface and the equalisation strategy that can close over it. Doing this in the other order — selecting a rate and then discovering the channel cannot carry it — produces a board re-spin, and it is the most common high-speed failure.
The specific mechanisms are unglamorous and reliably fatal. A signal crossing a plane split has no adjacent return path, so its return current detours and the eye closes for no reason visible in the schematic. A via stub resonates. Decoupling placed by convention rather than against a plane impedance target produces a power delivery network that is fine at DC and resonant exactly where it matters.