The 16oz can is the de rigeur format and has been for a few years now taking the packaging crown from the 22oz bomber and the six-pack with it’s 12 ounces. Though the 19.2oz stovepipe can is pushing for the throne currently.
This article in Punch talks briefly about why it is as well as the good and bad about it..
…but I firmly believe (and have expressed on this blog many times) that more sizes should be in the packaging arsenal. I would like to see more big ABV beers in 10 ounce bottles or heck, 12 ounce cans. I love the extra large format of some Belgian beers with the corks and one of these days, I will buy one of those jereboams that you sometimes see.
The packaging format should be as creative and unrestricted as the crazy beers that are inside them.