I haven't figured out a way to do it in the Mass Effect 1 remaster yet-the config file system has changed, and I'm not sure how to get access to the dev console-but someone will probably make it happen. Whatever the case, rarely have PC gamers found a game they can't change the FOV in. Perhaps there's something tricky about getting certain levels or cutscene transitions to work with the FOV tweaked.
While it's pretty typical for a third-person game to lack an FOV setting, it's a surprising omission here given that the remaster includes an excellent photo mode with an adjustable camera. It's not too surprising that these 15-year-old cutscenes weren't recreated in a wider aspect ratio, though. It's annoying going from full screen to black-barred cutscenes.
I used to have an ultrawide, too, so I get it.
I haven't tested this, but I think we can safely take the word of ultrawide owners, the PC's most vocal special interest group. 'The ultrawide support doesn't include cutscenes, which are 16:9 with black bars.'