Examples:

• One oh two Main Street
• Four oh seven PM
• Biology one oh one
• Eight six seven, five three oh nine
• Four oh four: Not found

Not just a US thing, so I hope this is okay to ask here. I have just never encountered this is any language other than English. Is it simply that O and 0 look similar, and that "oh" has fewer syllables than "zero"? I have not heard a good explanation from coworkers who I've asked.