RFC822 explicitly says it is for readability on systems with simple display software. Given that the protocol is from 1982 and systems back then had between 4 and 16kb RAM in total it might have made sense to give the lower end thin client systems of the day something preprocessed.

Also it is an easy way to stop a denial of service attack. If you let an infinite amount in that field. I can remotely overflow your system memory. The mail system can just error out and hang up on the person trying the attack instead of crashing out.