The meter is defined to be the distance that light travels in 1/299792458 seconds (or equivalently 1/299792458 of the distance that light that light travels in one second) so the speed of light pretty much has to be 299792458 m/sec. If I were ever to get a different answer when I tried to measure the speed of light, I would have to conclude that one or both of my clock and my meter stick were somehow defective.
So asking whether the speed of light could be anything other than 299792458 meters/sec doesn't make much sense - it will always be that unless we've made a mistake. To get an interesting "what would be different?" question we need to work with something whose value is unrelated to the way that we define our units. In this particular problem we want the "fine structure constant" (Google for it), which is equal to 1/137 no matter what units we use - meters, furlongs, miles, smoots, feet, fathoms, whatever - and relates the speed of light to various other quantities.
So your question comes down to: Why is the fine structure constant equal to 1/137? Physics, being an experimental science, offers a rather unsatisfying answer: Because that's how the universe we live in works. It has to have some value, that's the value it has, and everything else follows from that.
We often accept that "because that's how he universe we live in works" answer without even noticing when it's consistent with our intuition and life experience. For example, Newton's law of gravity (##F=Gm_1m_2/r^2##) completely and magnificently explains why the planets move the way they do. But if we were to ask why it's ##1/r^2## instead of, for example, ##1/r^3## (which would lead to a completely different solar system)... Well, that's how the universe we live in works.
[Edit: corrected the value and thanks to
@phinds for the catch]