I would say it makes more sense in football than in any other sport. When you go directly from the end of your season into the postseason (basketball, baseball, volleyball, etc.) the emphasis of practice is more to prepare for your next opponent. Thus, you don't get to spend a ton of "extra" time on fundamentals, especially with your younger players. In football, you can spend practice time solely with your backups and/or younger players, and that is what makes bowl practices so valuable. Of course, that isn't as true if your bowl game is December 15th.
My guess is that sports other than football would have very little interest in practicing once their season is over. The dynamics of the team are so different than football, and the rules for practicing in the offseason are different as well. Basketball teams can "practice" during the summer now, so who knows how much interest they would have in practice after playing 30+ regular season games and practicing/playing for 4 months.