More information here: http://www.webexhibits.org/causesofcolor/7A.html
Hydroponic lighting is optimized for those particular wavelengths in the ~450 nm and ~650 nm peeks. Some plants absorb additional wavelengths, and could likely be targeted with other lights. The key though is that chlorophyll are like mitochondria -- highly preserved between species -- and they evolved to only absorb particular frequencies.
I think this is the main message. People in this thread are talking in absolutes about 'agriculture', but the reality is that there are many, many things that we don't understand well enough at the above-micro-level scale to be able to say 'you need to measure x, y and z and then we can calculate/model the optimal setup to grow something'. People are basically relying on (informed) trial and error, with feedback cycles measures in months or years, so it just takes a long long time for progress to be made - and even then, we usually don't know exactly why something works in a specific case. It's not like 'oh let's run an A/B test for the best color of our 'buy' button for a few days'.