Side by Side differences utilities (sdiff, vimdiff, gvimdiff, etc...) can show two 80 column wide windows without having part of the line truncated, or requiring left/right scrolling (assumes a large 1280x1024 monitor). Lines which are longer than 80 columns make it more difficult to review code changes (think of your code reviewer), and for other developers to maintain the code.
Not everyone has a 20+ inch monitor available to view long lines of source code, and some of those that do, still like to use 80 column windows. Also keep in mind that at home, some developers have small monitors attached to their home PCs or use laptops, and the only way to view long lines is to use tiny fonts that become difficult to read (especially if you are already wearing trifocals; remember some day you will be the one with trifocals!).
Lines which are longer than 80 columns makes it difficult to print source listings and get clean neat readable hardcopy. Yes it may be possible to get the printer to use a smaller font, but then we are back to poor eyesight issues.
windbg and other GUI debuggers can have multiple panes of debugging information displayed, but if your source pane is too wide it limits the amount of really useful debugging information you can have concurrently displayed.
Sometimes lines longer than 80 columns cannot be helped (like a table), but if they can be avoided by restructuring, or breaking the line into multiple lines and still maintain readability, it would be preferred.
Those are my reasons for preferring 80 column or less lines.
And as others have pointed out, 80 columns originated with punched cards.
Bob Harris
What is wanted is not the will to believe, but the will to find out, which is the exact opposite. -- Bertrand Russell, "Skeptical Essays", 1928