You can make a lens whatever shape you want to, and it will still make a similar^1 image. It just happens that a lens’ shape has circular symmetry, so it is easiest to make it in a circle.
And once you’ve got a circle, if you chop part of it off you’ll end up with a smaller lens which typically reduces quality.
1. There are artrfacts from a non-circular aperture but they tend to be minor. You see them as streaks from bright lights mostly.
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