Even in scenes where removing the bars is impossible because there's no animation available for the additional screen space, they could always adjust the camera angles. Doing a straight port of a game is easy, but I expect a little more than that. Shenmue is an important piece of gaming history and it's essential they do everything in their power to ensure the legacy stays alive and the game is presented in the best possible way achievable in 2018.
I can't imagine Yu Suzuki would want anyone messing around with the camera angles. As much as any game (series) in history, Shenmue embodies the concept of the auteur, a singular vision of an artist. Many interviews over the years with people who worked on the series have included mentions of how involved Yu Suzuki was in every element of the design. Additionally, as I recall, a lot of the cinematics don't have simple static shots... there are a lot of sweeping, dramatic camera movements that would be no simple matter to change while somehow preserving their beauty.
I also don't like the way some people are declaring that this or that aspect of game development is "easy" or the absence of some feature is due to a developer being "lazy." Or even the notion that, if something has been achieved by a talented modder in the community working with an emulator, then it should be no problem to implement that in a consumer product that has to undergo rigorous approvals with the console platform holders. The approvals processes are notoriously meticulous. If any subsequent patches become necessary due to bugs that are discovered after release, the same extensive approvals process have to be undertaken again. They are time-consuming and expensive. If there is some feature that is theoretically technically possible, but it isn't being implemented, it could be due to a variety of reasons - not the least of which is the budget. "Laziness" isn't something that you will ever observe among game developers. In truth they are incredibly hard-working, to an unhealthy degree in many studios.