Hah! No, no mics in the frame intentionally. What I meant was that there are movies where's that's happened accidentally and they didn't care because they'd be cropping for the theater projection. Then later when lazy TV execs made the for-TV version, they just used the uncropped originals and you got weird stuff like that showing up.
And holy crap, I see now how 16:9 has more. I just watched the Matrix Reloaded car chase. The widescreen and full screen versions. The full screen in 16:9 has more cars flipping over in that part of the chase, compared to widescreen for example. So why is widescreen so popular compared to 16:9, if it results in seeing less, such as less cars flip over?
It has to do with the frame's composition. In this case, the way it was meant to be seen by the filmmakers is the movie-screen-shaped version. In the 16:9 version they've apparently just used more of the original frame but it's not going to be composed the same way. Sometimes this is okay, sometimes it's going to take an aesthetic hit for the worse. Seeing more does not automatically mean "better".
Probably the most hysterically-bad example of this is the old TV 4:3 version of "Spies Like Us". The movie was shot with the intention of always being cropped for the theater and the 4:3 version just used the original uncropped 35mm frame. As a result, everything is small and in the vertical center 3rd of the screen. It looks bad.
Later, cinematographers began to make sure that the uncropped 4:3 frame would also look good in addition to the desired 2.35:1 (or whatever) movie screen cropping, so that the TV version wouldn't suck. This is a lot more work because now you got to ensure
two good compositions in every shot you do.
As to why 1.88:1 and wider versions are more popular... well, that's how movie theater screens are shaped. 16:9 was a sort of compromise between 4:3 TV and wider theater-formatted screens, and a lot of movies are now shot so that a 16:9 crop still looks good.
I personally prefer the look of 2.35:1 and 2.4:1 because... because... I don't know, it just looks more cinematic to me. Grander, somehow.