I don't want to lose 1/4 of the picture just so it'll fit neatly on my screen without black bars. The worst is when the first HD release of a program mastered on film is in 16:9, so we never get the full picture in HD and have to choose between higher resolution and seeing the whole damn picture
Pan and scan is as old as film itself.
Also if you have the studio matsters you can sometimes make it work without sacrifice, but you run the risk of showing the set because you're putting the margins in the final product.