A friend works in an office where headphones are even banned because they create too much of a barrier to talk to a co-worker. I'd go absolutely crazy there in less than a week.
Any hacker can write code while in a closed office, wearing headphones, shut off from the world. Great hackers can write code while E-mails come in, people drop by with questions, Julie over in BizDev is yacking on the phone with some vendor, and the PM is asking if you've filled out your TPS report this week.
Though even though it might something that great programmers can do, they might be even more effective if they get to remove some of those distractions.
It's like leaving your door halfway open to signal that someone can come in if they want. I might not mind having a visit, but I might mind hearing all the noise, or curious looks from people passing by through the corridor. Hence the 'busy' sign to hang on the doorknob, when needed.