Does it matter? Yes, of course it matters. The engineers who design lenses don't sit down and say "Let's design a lens with a 72mm filter. That will be cool!" I'm not an optical engineer, but there's surely a reason larger elements are used. You might think that smaller = less material, so less cost, but smaller elements may require tighter manufacturing tolerances that ultimately cost more than using more glass and plastic (both of which are not terribly expensive). I don't know the actual reason, but the engineers are most certainly making a trade off somewhere in the design process.
From the consumer perspective, it only matters when you start considering the cost of filters. Canon uses some 82mm threads on their lenses (the 16-35 f/2.8 is one of them); the cost for filters for that lens are outrageous. In fact, thread size influenced one of my purchases. I had the Sigma 17-70C and was looking for a faster lens. I considered the FA31, but since I'd have to replace my entire filter collection, the cost of it was nearly double the Sigma 18-35 f/1.8, which shares a 72mm thread with the 17-70C, when I was done with it all. That made the decision a lot easier.
Originally posted by Anthen The costs and practicality of big lenses probably limited the size factor back then. Nowadays it's more socially accepted.
Film camera bodies were a lot smaller. A film SLR is only a bit larger than the roll of film it holds (that's about all it is, a holder of film + an optical path and a light meter, maybe some other sensors) and there's very little weight to them. A big lens would make it very hard to hold the camera, unless you put an automatic winder on there (the equivalent of a battery grip these days), but even that won't help much with balance.