I think there is a bit more to it. For example when developing a game when CRTs were popular they were using CRTs to view their game and making decisions based on what they saw on the CRT. If you display the same game with perfect square pixels it looks different. If the developers were viewing square pixels when developing the game they would make different decisions.
I don't think this conflicts with what I'm saying; I've seen what you talk about -- and yet in modern days people will emulate the "square pixel bad style" regardless.