Exactly.
This is tremendously oversimplified but is good for the broad strokes: When these aspect ratios were designed and put into use, 1.33/1.37 was the starting point. When widescreen formats were invented, 1.85 was wider than 1.33. 2.40 is wider than 1.85.
In a proper theatrical...
I'm sorry but this is demonstrably false. Netflix prefers a 2:1 aspect ratio for their original shows. Hulu is producing original content at 2:1. CBS All Access released the first season of their flagship Star Trek show in 2:1, and then the second season in 2.40:1. There are numerous other...