When the verb base ("look" in this case) is intransitive, the -ed form won't make sense.
There's no such thing as "The man is looked good", so there is no "good-looked man".
There is, however, "The man looks good", so there is a "good-looking man".
The same would happen for other intransitives like "sleep": "a sleeping man", but not "a slept man".
Probably the full name of these participles should be "Present Active Participle" and "Past Passive Participle".
It might be interesting to think about what a "Present Passive Participle" or a "Past Active Participle" would be!!!