Yes, you'd assume to minimise paper waste, surely?
(Though as a foreigner, I'm never quite sure I understand the 'trying too hard' accusation that gets thrown about all the time on here, especially on the baby names forum - how do you estimate the allowable narrow ground between 'not making an effort' and 'trying too hard' - what's the right amount of trying? And why is trying too hard seen as worse - it seems - than not bothering at all?)
Eco reasons are why we do it, plus it does look nice - we also have a stash of fabulous ribbons (courtesy of design-mad SIL who has been known to go on a frenzy in VV Rouleaux) collected over years, that gets re-used annually. If you rub a warm iron over the paper, the ink doesn't come off. Butlers used to do it before taking in the paper with the morning tea.