I’m sure someone knows the answer. I’ve long wondered. As an example I bought some M6 screws the other day and the major diameter is 5.84. A quick measure of some M6 washers bought at the same reveals an ID of 6.5. I’m guessing it must be something to do with preventing vibration from loosening the fastener or something. Poor show really though as it looks crap!? 
When I made some thick washers for my milling vice bolts though I made them the proper size and the nuts have never come loose. 