I remember toggling it in witcher 3 .. I didn't see any difference so I let it on. I need to pay more attention next time.

My brother always tells me to turn it off, if the option is available on a console game. He hates it.

Quite honestly, it's ridiculous effect - it's a product of cheap lenses in photography/film, and there's no place for it.

The only place it has is in photography. Movies try to shove it in, but that only serves to blur the overall image quality and it's in no way "artistic" to do so for a movie. For photos it's the only real medium to use it, and sparingly.

To be honest, my photography days are some 25+ years in the past, but I don't quite see how something that is optical problem of the lens has any good purpose.

Just close the aperture for F8

Chromatic abhoration.

It's ugly and you already get it for free in VR headsets when looking at the edges of the fov.
It's the new lens flare, why bother replicating undesirable properties of lenses?

Considering this and a lot of other effects are undesirable on the camera lenses I see no point in adding them by default on the games...

Some artistic photos can make good use of some "defects" and "unwanted" effects from some lenses... but that is quite out of the standard and serve specific purposes depending on the photo.