Dick,
My guess is that the 120V Aquastat PNs are built in larger volumes having more applications than the 12V ones. Technically they are not that different, the 12V may have bigger contacts to handle more current. Each make and break produces an arc which erodes and pits the contacts so they have a life and they are in a hot environment. If it is a short life then the metals being used are not up to the task favoring cheaper manufacturing costs. Gold contacts would pretty much last forever, so we know they are not gold....
Later Ed