The old guidance was built around 1080p, where sitting close enough to fill a wide field of view also meant sitting close enough to see the pixel structure. With 4K material that constraint largely disappears, and the recommendations moved outward: the reference cinema geometry is about a 36-degree horizontal viewing angle, and SMPTE's own recommendation for a reference room is closer to 30 degrees.
In practice that works out as a diagonal of roughly 0.6 to 0.8 times the distance from the screen to the main seat. From 10 feet, that is a 90- to 120-inch screen. From 12 feet, 110 to 145 inches. From 15 feet, 140 to 180. Most people who ask whether 120 inches is too big are sitting 11 to 13 feet away, and the answer there is no.