A lot of it is medical folklore/tradition, not actually based on evidence.
Young babies have an immature LES (lower-esophageal sphincter) that easily opens when there is pressure in the stomach. This is part of the reason why babies spit up when they are full. This muscle strengthens over time as we age, so spitting up and reflux improve. (This muscle is one of the main culprits in adults who suffer from acid reflux, or heartburn)
There is little evidence that burping actually is needed, since air should escape easier in a baby than in an adult.
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