Telescopes and microscopes and binoculars are circular too. It’s much easier to grind a good circular lens. Someone else can ELI5 lens optics.
As for rectangles, it’s how we like to view the world. It simulates the landscape horizon our eyes evolved to see. (Apparently Hobbits evolved in the berths of ships)
We have round eyes (pupil, lens, cornea, etc) and rectangular TV’s for basically the same reasons.
Latest Answers