The newest update to Pokemon Go appears to have disabled Pokemon spawns and sightings when players are traveling at higher speeds.
As reported by Forbes (and verified by yours truly), the latest Pokemon Go update appears to have disabled both Pokemon spawns and sightings while traveling at higher speeds. Previously, a player could indicate that they were a passenger, allowing them to continue to play the game while in the passenger seat or on public transportation.
The full change log can be viewed below, and while it includes catch bonuses and improved gym training options, the inability to play at higher speeds is not mentioned.