Those elements look pretty vert- to me (is it confusing you that only parts of the 2D HUD are vert- rather than the whole game?). When the game is running at 48:10, the floating pointers and the cross-hair are the correct size for this aspect ratio:
These HUD elements are scaled with a fixed aspect ratio, expanding in accordance with the
width of the screen, but ignoring the height. With a wide enough setup, even the points of the crosshair would start getting cropped off the top and bottom of the screen.
I can fake a setup that wide with SoftTH if you want me to demonstrate the cropping, but even at this size, the 3x-too-large bits make the game a bit annoying to play.
Edit: This should make it even clearer, I've overlayed the 16:10 screenshot on top of the the 48:10 one. As you can see, same size icons and crosshair.
Some of the HUD elements are being blown up to a massive 16:10 box that the 48:10 game fits inside of, then cropped to fit.