To answer your question more specifically, it's because at a given ISO and aperture the scene is simply too bright to expose properly at the shutter speed you selected. Exposure is the total amount of light on the negative and is controlled by the three variables ISO, A and S. At a given brightness, there are only so many exposure combinations that expose the negative correctly. Light is light and if there's too much light for the shutter speed you want, then there's simply too much light and if you can't reduce it via ISO or aperture, then you need something else to block it, such as clouds or a neutral density filter.
When possible, wait for overcast conditions. This reduces the contrast in the scene enabling you to capture all of the detail of both the water and surrounding scenery. Contrary to popular opinion, most daylight scenes actually fall within the dynamic range of DSLRs (about six stops), even waterfalls in sun, if you expose correctly. The problem is most people don't expose correctly. Also, even when you capture the full dynamic range, that doesn't mean you don't have shadows. It just means the shadows have detail that you can pull out in software (possible only when you shoot RAW). Overcast means there's less of a difference between the highlights and shadows and you can expand the dynamic range more subjectively in software. I would still recommend shooting in overcast as it's easier to hold the detail and play with the dynamic range in software later, and it means less light, enabling you to get away with slower shutter speeds.