There's rationale behind that choice, not mysticism.
You are right, there is rationale...it's called THX specifications.
If I may quote:
It is the product of much development, and, when used in concert with THX speakers (or others which exhibit the correct roll-off), represents the best overall compromise of minimizing localization, extending dynamic range, and as it turns out, minimizing LFE truncation. When Dolby Digital was coming to the consumer marketplace, THX looked at an inordinate number of modern 5.1 soundtracks and guess what they found in the LFE channel: not much at all in the region of 80 Hz - 120 Hz, making their original choice of 80Hz rather fortuitous. Dolby Digital's LFE channel has a digital brick wall at 120 Hz, not a roll-off, so content creators almost always roll-off their stuff, usually somewhere around 80 Hz. Therefore, chucking the top band of the LFE is no big deal but the argument here is that a standard SSP crossover set much lower than 80Hz or so may actually be costing you bass content.
http://www.micasamm.com/pages/info/florian_0103.htm
However, if you are getting great 2-channel sound with a sub crossed over at 80 Hz, the more power to you.