A priority queue in the STL is nothing more than a regular (maximum-) heap. It is essentially an adapter built on top of another container, usually a vector. Therefore, the offered priority queue can easily contain an arbitrary number of elements (so long as memory permits).
But what if we wanted to keep only the biggest N elements, and just have the queue dynamically throw away all other elements? I am sure you can imagine why such a behavior would be much desired: for instance, keeping the best N suggestions for a specific search term springs to mind. Unfortunately, the STL does not support such an adapter.