Another reason is the original aspect ratio.
I know some viewers get hacked off with black pillars at the side of screen but I prefer to see TV pictures the way thet were shot. If you streatch a 4:3 image to fit a 16:9 aspect you loose some framing - which is why some broadcasters go down the 14:9 route on "archive" shows. It's a compromise so all the original picture is seen. The question to pose, if people disagree, is the old analagy:
If you bought an old Rembrandt picture and took it home, would you cut the edges of it to fit your picture frame?
Now, don't get me started on colourizing and widescreening World War One pictures...
The issue for this was 4:3 SD content within an otherwise 16:9 programme, which was then shown 14:9 letterbox on analogue. If you go for full 12P16 pillarbox (4:3 active area with thick black bars left and right) and then
ARC this to 14L12 (14:9 letterbox with thin black bars tops and bottom) for analogue transmission you end up with postage stamp with a smaller 4:3 image surrounded by black.
14:9 pillarboxing and letterboxing has been a good compromise solution - not too terrible on the framing, and the two conversions are complementary, so you don't end up with shrinking images, floating images etc. if you go round the loop.
Personally I think there are exceptions which can justify 12P16 pillarboxing of archive - if the framing is compromised by 14P16 conversion - but I think you have to look at each example on a case by case basis.
Whilst the BBC still broadcasts 14:9 analogue services, which analogue TV owners pay exactly the same amount of licence fee money to watch as Freeview HD TV owners, the BBC (and other UK broadcasters) try to ensure they receive a decent quality broadcast still.