Jay,
to get higher velocities. Tight bores, even tighter than 0.299", were a particular feature of UK and British Commonwealth 'Target Rifle' barrels as shooters were mostly restricted to 7.62mm military ammo until recently and their bullets are often undersize, running in the high 0.307s, while commercial nominally 0.308" dia. match bullets usually run in the low 0.308s, but can be up to 0.0005" 'oversize'. Even with the adoption of the 155gn Radway Green FMJBT sniper round bullet in British ammunition, and hence Target rifle, it was a true 0.3080" dia. bullet, but users and their gunsmiths seemed to want to stay a bit 'tight'.
The tight bores were originally needed to get over 2,900 fps from standard NATO milspec 144-146gn FMJBT 7.62mm ammunition. Over here, TR barrels have virtually standardised on the 0.298" bore size and RWS loaded its NRA contract .308W ammo with the old 155gn Sierra MK to suit, the objective being around 2,950 fps in a 30" barrel in good condition.
You should get the same MVs from .300/.3080 but needing a little more powder probably. Our .308W F/TR shooters have mostly abandonned thes etioght bores and can get 155s up to nigh on 3,100 fps and 210s at well over 2,600, so it's not true you need a tight barrel to get really high MVs with quality bullets.
There is a lot of information on 'tight' Target and Fullbore Rifle barrels and the rationale thereof on the US Rifle Teams' Long-Range Shooting forum including the results of tests carried out in England some years back on MVs and pressures with different .30-cal barrel dimensions. That showed that commercial match ammunition could significantly exceed allowed CIP Maximum chamber pressures in overly tight barrels.
See:
http://www.usrifleteams.com/lrforum/index.php?showtopic=12800
Generally speaking, it doesn't help accuracy either if you're swaging a 0.3083" dia bullet down 0.002" +, but that's what happens in many TR rifles over here, the 0.298 / 0.299" bore diameter having become the standard.
Laurie,
York, England