The switch stem is narrower in one direction because when you push it in, there is air inside the keycaps's shaft — and that air needs to be come out, which it does along the sides of the narrower sides.
If it does not come out, that air would push back - and possibly not allow the switch stem to go in fully. Or it might, but get pushed out again.
Because of how keycaps are injection-moulded in two-piece moulds, it is not possible to have an air-hole at the top of the keycaps' stem for letting air out.
Some older switch designs with cross-shaped holes in the keycaps, have the switch's stem be T-shaped even, for the same purpose.
Other types of switches with inverse keycap mounts (where the keycap has a peg that goes into a hole in the switch), have instead one or more air-holes right through the slider, allowing air to escape through the switch.
You can see this inside every Alps slider.