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Most lens systems can be well approximated by a pinhole camera + distortion. Which, of course, produces straight lines that work perfectly well with SfM models.

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While it requires an approximation, in SfM, the user mostly doesn't care about the exact physical location of the cameras. So while the notional pinhole is not exactly aligned with the physical camera, the approximation produces the same rays as the true lenses. Thus, you still get the same 2D-3D correspondences and the same resulting structure.