It has already been done and it never caught on.
16 x 9 Is a cinematic format. A modern compromise for the old letterbox stuff. On the big screen they do not care about the extraneous elements in fact they want that room. It's a moving picture so they can more easily get away with it. Stills it is a more difficult proposition.
It does make you wonder though with all of our tv, phone, and computer screens set up at that aspect.