The actual effect they are trying to emulate with these blue streaks is an anamorphic lens flare (or anamorphic streak), that would naturally occur in a lot of older blockbuster movies due to the light bending properties of the lenses they were using, but only if there were practical lights on set pointed towards the camera.
A lot of Spielberg movies had them, as did Cameron movies, and John Carpenter movies. The funny thing is that a lot of effort was made to try and avoid them normally (unless they wanted to create a sic-fi effect).
These days they can be created artificially with the above plug ins (and also consider magic Bullet Looks which has an anamorphic effect). But remember they should really only be used when the light is on screen and pointed towards the camera. A lot of videos (like that music video) put in that effect when it should not be there, so you just get fake blue smears for no practical reason.
Its a totally overused effect though; even mainstream Hollywood directors can get over enthusiastic about it (think of Star Trek by JJ Abrams...)
Here are some genuine anamorphic streaks:
From 'Aliens':
From 'The Thing':
From 'Christine':
As seen above; all genuine anamorphic streaks have a practical light source.