> I do remember thinking it's odd that a line has exactly 80 characters
Maybe you know this now, but for those that don't:
The limitation is due to punch cards - specifically IBM-format punch cards (which was pretty much the standard by the time COBOL was developed). Those punch cards had a layout of 80 columns by 12 rows:
https://en.wikipedia.org/wiki/Punched_card#IBM_80-column_pun...
Each column would represent (more or less) a 12-bit "word" for each character on a line of code - so one card per line of COBOL code.
Now - note that the IBM PC (well, 5100 and earlier terminals too) had a layout of 80 columns by 24 rows. Why? Because you could (in theory) see a virtual representation of two punch cards one above each other. Whether this was actually used or not, or is an apocryphal or retcon'd reasoning I'm not sure; I've been told both.
There's also parallels and such with printers - standard printer width was 80 columns (for regular 8.5 inch wide paper - sans tractor-feed edges), while greenbar was 120 characters wide (using the regular font for most printers); I'm not sure why "40 extra characters" or "half-card" extra, but I bet it's related to IBM punch cards in some manner.