As said before, it is just a procedure for making the cylinder perfectly round. Yes, it would unshrowd the valves some, and of course adding cid is good for power, but it's not worth tearing down the engine to do. Of course some class restricted races, every little bit makes all the difference. So they bore thiers way out to the limit of 310cid, about 4.060.
Not mentioned, but one bad thing about boring over a cylinder hole is it makes the walls thinner, so more prone to cracking.