Why M1.7?
The most useful series of fixings (or anything needed in a wide range of sizes) go up in steps of similar size, so that whatever your 'ideal' size is there is always a standard (or 'preferred'
size nearby.
The best example is resistors, which go up in odd values, or at least they seem odd until you realise that the values are spaced so that they go up in steps more or less regular steps of 1.5 times the previous value (at 20% tolerance). For higher tolerances they go up in smaller steps, always chosen so that there aren't any gaps between the tolerance bands.. This minimises the number of values they need to make, means there are no 'rejects', and simplifies the design process.
The steps can be any size. For BA fixings the step is such that as you go down the series each size is 0.9 times the previous one – quite close together which is why just the even sizes are more commonly used.
Other examples are things like A-series paper where A4 is twice the area of A5.
For ISO metric things there are the R5, R10, R20, R40 and R80 series which break down each 'decade' (from 1-10 or 100-1000 for example) into steps of 10, 20, 40 or 80 roughly even-proportioned steps.
Engineering ignores these steps so most metric screws you come across are rounded to the figures: M1, M1.5, M2, M3, M4, M6, M8, M10.
The final answer to your question is that M1.7 is the most useful size between 1.5 and M2.
Neil