I don't think people really know or care about font ratio stuff. It's just cosmetic, and while it would probably be mildly annoying for ultrawide users, I don't know a single JKA player who owns a 21:9 or 32:9 monitor. I'm not going to spend a large amount of time addressing an issue that's not really an issue for 99.9% of players. And personally, I'm quite used to the way fonts look at 16:9, don't mind it at all, and even slightly prefer it over the "correct" way. 16:9 has been, and will continue to be, the standard of FPS gaming, and is always the priority of anything I code that relates to aspect ratios.
Text is really not a major part of JKA aside from chat and simple HUD (cg_hudFiles). People start up JKA, connect to the server they want, and start playing; they don't mess around in menus for hours, all-the-while wishing the letters on their screen looked slightly narrower. Worthwhile changes to menus are ones that actually improve functionality e.g. the demos search bar, or the submenus for each cvar added in Newmod 1.4. I've also been thinking about adding a search bar for easily finding cvars/commands in the Newmod menu.