It has to do with the leading (lead as in the metal, not as in 'to cause to follow'). In essence, the console is expecting the font of a given height to be placed on a matching die. If you place the characters on a smaller die-height, then in ordinary print, the lines of text are closer together.
To get normal spacing with a font like this, printers insert strips of lead between the rows to space them out further.
The console application is spacing the fonts out as if the die-height matches the regular spacing, and what you see in the picture as white stripes, is where the printers would insert a line of leadding.
You sometimes see it when programs show you where there are characters vs where there is screen-blanks, because the character backgrounds are different to the blank screen. This is sometimes useful when looking for the characters at the end of a line that should not be there.