When you cook food to 75 degrees, it kills off enough bacteria to a safe level. That means not all might be killed off, but there's no longer enough bacteria (threshold dose) to make you ill.
Because there are still bacteria present, however, you need to keep the food under control via temperature to ensure the remaining bacteria doesn't multiply. You do this either by rapid cooling and refrigeration, eating it straight away, or hot holding it 63 degrees or above. If it goes below 63 degrees, then it needs to be eaten or refrigerated within 2 hours.
The way bacteria works is the "danger zone" for multiplication, which is 5 - 63 degrees. This is the zone where most bacteria multiply, and the closer to the middle of that temperature (37 degrees), the faster the multiplication. Whilst it's multiplying, it's also releasing dangerous toxins that are not killed from cooking, so you could reheat the food to 100 degrees if you wanted, but the toxins would remain and make you sick. Then there's spores to think about, too, which germinate in the right conditions, i.e., 5 - 63 degrees.
Pathogenic bacteria need four things to multiply: food, moisture, time, and temperature. So, your contaminated food that's left out for 2 hours is being given the optimum conditions: it has food and moisture and now you're giving it the temperature (5 - 63 degrees because its not refrigerated nor is it being hot hold about 63)) and now your giving it time ie over 2 hours.