Ratio of inductance and capacitance in Colpitts Oscillator
It's all about being practical:
Choose your inductor so that at the desired circuit oscillation frequency, the inductor's self resonant frequency is several times higher. If you want accuracy choose an inductor that has a SRF that is ten or more times higher than the oscillation frequency. This limits the inductor to a much smaller range of acceptable values vs frequency.
At the other end of the scale, choose capacitor values that are large enough to dwarf parasitic capacitances from tracks and internal transistor capacitance.
This pretty much narrows things down to a few choices.