I investigated 132 columns in detail and wrote a blog post about it. It's complicated but essentially, 14 7/8" paper was a standard size going back to the IBM 402 tabulator in 1948, where it was used for 88-column output using a character spacing of 5/32". The IBM 1403 printer (1959) changed to 10 characters per inch, resulting in 132 columns on 14 7/8" paper.
https://www.righto.com/2019/01/accounting-machines-ibm-1403-...