You'll still find this very useful in circumstances, particularly those where you really NEED the functionality: stuck at the colo with console-only access, or using remote serial-over-LAN IPMI2 access to your host.
That's when 80 col wrapping's very, very much appreciated.
The thing about ages-old formats and conventions is that they're baked into a great many things, including hardware and code.
These change very, very slowly.
What's even more amusing is looking at where the 80-col standard originated -- punch cards, dictated in part by the size of dollar bills in the late 19th Century.