yes tit was added to help prevent spam and denial of service attacks. It was intended to be increased as required, which happened in 2017, which I personally feel was unnecessary. I would prefer to go back to a 1MB blocksize limit or potentially even smaller.
Discussion
I'm thinking about 750K is about right for now. Revisit it again in 2050 or so, maybe move back to 1MB at that point. Sounds about right to me.