When search engine optimization was in its infancy, more was definitely better. That led SEOs to pack content with keywords that search engine bots would easily absorb. While the bots evolved, keywords stuffing never really went away (which is one of the main reasons that Google felt compelled to develop Panda).
Panda or not, finding examples of keyword stuffing isn’t too tough, though justifying the practice is getting tougher and tougher. With little practical value to search engines or end-users, this outdated practice should be avoided at all costs. Remember, always write for readers and not for search engines.