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It is square because, the future is mobile applications, you may have noticed your applications such as "Instagram" laid-out vertically. If your photo is lets say16:9 and you see it on a vertical layout, it will appear smaller than a photo which has ratio of4:3.
It has the best viewing status for all device
because everybody is not posting a picture taken from a DSLR.
because almost all the social media websites use square video and photos on their pages.
Because its best for multiple devices to be played
we are using Smart phone, Tab, Laptop and multiple devices for social media. So, if all photos/videos will working common devices it will set in square ratio.
First, let’s get obvious out of the way. The implementation of this square video style has been made to be beneficial for mobile users, with their device in a portrait orientation. Over 90% of Facebook’s 1.74 billion monthly users access the social network from their mobile device, with 60% of those being mobile-only use users, so it makes sense to create content to better suit the mobile space.
The reason for that is because it is easily optimized from one smartphone to the other and can be displayed the same and best veiwed on all phones.
In my openion, it's more easy to see the whole content + any text included
because, now a days people are more use to mobile/handheld device and has the aspect is a portrait mode, and socila medias are oftenly viewed or open in mobile flatform.
not everyone uses same specification devices there will be new and old devies so that makes it atleast viewable on all devices.