1.33:1 (4:3) was the "Academy ratio" standard from the early sound era. When 1950s television started pulling audiences away, theaters differentiated with wider frames — settling into today's two theatrical standards: 1.85:1 ("flat") and 2.39:1 ("scope," short for CinemaScope).
To shoot the narrower 2.39 on the same sensor, you either crop the top and bottom or use an anamorphic lens that squeezes the image horizontally during capture and unsqueezes it on projection. That's why a 2.39 film shows black bars on a 16:9 TV — the frame isn't being cropped, it was simply shot at that ratio to begin with.
The ratio itself becomes a directorial choice. Wide, narrow 2.39 suits sweeping landscapes or lining up several characters in one row; 1.85 tends to feel more balanced for close-ups. Some films — Wes Anderson's The Grand Budapest Hotel among them — switch aspect ratio itself to mark different time periods.
When to use
Pick the aspect ratio early, to match the genre and mood you're after. In a web player, compute the letterbox or pillarbox bars from the actual content ratio so the black bars don't look like a bug.