Four way stops are also common when two country roads of relatively equal weight intersect. There are so many roads like that, so many intersections, that the local government can't possibly afford lights or circles on all of them. If one of the roads is known to get substantially more traffic than the other than a two-way stop is usually used, but if it isn't obvious then a four way stop is the safe default. In these situations, pedestrians aren't a factor at all because the intersection is five miles away from a town and it's farmland on both sides of both roads. Virtually nobody is walking there, not even people walking their dogs (unpaved access roads are better for that anyway.)
In Europe one road (perhaps arbitrarily) would be declared the main road, and the other road gets yield signs, or even just yield road markings (triangles).
I think one of the reasons a 4-way stop might be introduced is to improve safety where there was previously a 2-way stop (that people would blow through). I came across this in Canada recently. All I can say is the UK has drastically lower traffic-related deaths than Canada [0] and I think I've seen 2-3 stop signs in my entire life. I imagine North America's pedestrian hostility is a piece of this puzzle.
Don't get me started on North American highway interchanges. The UK's roundabout junction system is far superior, in my opinion.
[0]: https://en.wikipedia.org/wiki/List_of_countries_by_traffic-r...