California tried it and it hasn't gone well. It turns out that building high speed rail lines is really hard and expensive. Not building the line itself, but everything else around it.
First you need to acquire the land. It's not too hard when building lines through the middle of nowhere, but in a place that's already densely populated, that can be fantastically expensive. It likely means demolishing a lot of existing houses and businesses to make room for the train. Grade crossings don't play well with high speed rail, so every single street that crosses your proposed route needs a grade separation, which also is fantastically expensive. Or you can just close it off, but it turns out communities really don't like you closing off their streets and cutting the community in half. Then there's the communities that don't want the noise of trains going through all day and night. And don't dismiss that as nimbyism. I've lived near a train line, and it really kind of sucks.
The big expansion of rail in the US and Europe was a long time ago, when population density was a lot lower and these problems were easier to deal with. Rail lines were built through the countryside to connect cities. Today they have to run right through the middles of cities for much of their length.