Probably the same reason I've seen on factory wiring in control panels, where they crimped ferrules on all the ends of the wires connecting to terminal blocks, contactors... etc... I've often wondered what the reasoning is behind it.
Not having designed or built such control panels, I can only speculate, but:
1. Appearance, as you suggest.
2. To make a reliable connection with terminals that are not designed for stranded (or fine stranded) wire in the first place.
3. To make sure that there are no loose strands sticking out on the hidden side of the wire. You can get a 360 degree view of the ferrule in place on the end of the wire while you cannot always look at the back side of the terminal.
4. To accommodate wire sizes larger than the terminal was designed for (reducing ferrule)
5. To allow the connection to be removed and reconnected multiple times without cumulative damage to individual strands which could lead to eventual failure.
6. Strain relief if the ferrule has a section that is crimped on over the insulation.