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Just Check this video and you'll see how they converted playback of the video to a full widescreen without any stretching!!
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Klojum
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IMO, it's a "souvenir" from all those people who are too lazy/dumb to know how to properly shoot videos with their 'smart' phones.
And then those VVS videos need to be played on a normal landscape 16:9 screen... So some video programmer thought up this crap.
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Well it's not about shooting videos or not, It's only to be used with content already produced in letterbox resolutions aka retro stuff, and it's just about filling the screen when you've got so much dead screen space when you wanna use the full width of the new widescreen tvs nowadays in every living room, a lot of anime used static bars filled with a picture or something like if you ever watched one piece they add bars to the sides of the old letterbox episodes when they have flashbacks, and it's better than the new production of the old episodes in the widescreen version which has the content zoomed cutting the content from top and bottom.