Here's a screenshot from the very old game Robotron 2084. Notice how where is a sort of arena (the red line) encapsulated the action:
The same design was seen in Smash TV, which made the arena design a part of the story:
And here is a couple of modern Robotron-like games, Cecconoid, Retromancer and Resistance is Fruitile which sticks to the arena design:
(All three games are way fun! I got them with the Bundle for Racial Justice and Equality)
In older games in general, the interface often took up a lot of the screen estate. Just take a look at Dream Web, Wolfenstein and Wing Commander. Of course, this was a practical decision to keeping the requred computing demands to a minimum.
Today, the trend is to have a discrete HUD giving some basic information. Some games even try to clear the screen of any GUI element altogether.
I'm currently toying with a Robotron clone of my own. This has made me wonder what value it has to the experience that there is this visible arena around playfield, as opposite to just let the screen edges makes up the border?