A conventional driver has a linear frequency passband of about a decade limited by being small enough for resonances at the high frequency not to intrude and large enough for the low frequency end to be loud and clean. This leads to a 3 way and, indeed, pretty much all professional midfield monitors are 3 ways.

A 2 way requires too wide a passband from a conventional driver with the result the low frequency end tends to be limited both in extension and clean SPL plus audible midrange deficiencies due to midwoofer resonances, tweeter distortion at high SPL and often directivity issues. Nonetheless a 2 way is normally significantly smaller and cheaper and can be made to work reasonably well just not clean at sufficiently loud levels over the full frequency range. They tend to be the better choice for budget speakers but once the price level is above about £1k (perhaps a bit more these days) a well designed 3 way is going to provide noticeably better performance than a well designed 2 way with a bit more expensive components.