I'm not positive, but I believe round lenses are far easier to manufacture. Additionally, it seems (at least to me) that a rectangular lens would merely be a round lens that's trimmed into a rectangular shape. It's been 2 decades since I had an optics course; so my knowledge is really rusty. However, if you do a google search for ray diagrams and lenses, it may answer your question.
You'll want to read about focal point. Also, perhaps a good jumping off place would be to look at ray diagrams of a parabolic concave mirror. Light hitting the mirror is reflected through the focal point of the mirror. It's too bad I don't have you in my classroom - I could show you how an image is produced with a concave mirror. You'd see why it's necessary that the mirror is round (except, of course, that you could get out a wet saw and chop it into a rectangular shape.)