As a rule of thumb, discrete power devices can operate up to 85C junction temperature with good reliability. For integrated circuits it is 65C. For power devices higher temperatures would limit power dissipation anyway.
This is quite conservative, to the point of not being practical. Tj=65degC on a power IC is almost impossible to meet because local ambient inside a case is easily at 50degC without heroic cooling efforts. I bet anyone who is "following" this rule of thumb only thinks they are doing so, and just have no idea what their actual junction temperatures are.
Both dicrete transistors and ICs are nowadays usually rated to Tj=125degC
operational (some discretes rated to 150degC!), which means manufacturer trusts there are no long-term issues.
Of course, the elephant in the room is, how do you
prove Tj stays at 125degC? Even if you do perfect thermal modeling of the system, then dust partially clogs a heatsink and Tj rises by 10degC.
I would dare to say most of such "rules of thumbs" are not to actually keep Tj that low, but to add margin against the
uncertainty about Tj, also compensating for poor calculations / lack of proper modeling.
Because the aging processes are very steeply dependent on temperature (in exponential way), even just 10-15degC derating is a lot. For a part rated to Tj=125degC operational, I have no doubts running it at Tj=110degC long-term, HOWEVER this means I need to be sure my Tj=110degC really means Tj=110degC. Because Tj is difficult (sometimes nearly impossible, or just expensive; for a discrete diode, you could of course monitor Vf and calculate Tj, but that would be added cost) to monitor directly, then thermal calculations would be done in such way that Tj=90degC or so at maximum ambient temperature specified in the manual.
I bet "65degC" rules of thumbs do nasty things like assuming Ta=25degC always. We should do better than this, and always define max Ta and max Tj explicitly, so we can calculate using Tj_max = Ta_max + sum(R_th)*P.
Another point is, lowering temperature may offer other benefits, such as MOSFETs Rds_on being lower, improving efficiency of most power ICs and of course discrete MOSFETs. OTOH, diodes tend to work more efficiently at high Tj, so there is no other reason than reliability to keep temperature low.