The reason this is done is of course that most applications don't have content that fill the entire screen, so maximizing, in most cases, is meaningless - and hinders the usability of the system.
It makes more sense to leave some space over for other apps than have a big empty area on both sides of the screen.
Interestingly, I noticed that it's only Windows-switchers who complain about this. People who've used Mac for a long time don't give this any thought.