Well, I'm not an expert here, but I'll try.
Something to keep in mind: Don't think "PC" or "PC architecture". Back in the day, before the IBM PC existed (let alone a standard personal computer design), Intel wasn't making PC CPU's; it was making micro-processors. There were no exact expectations on what hardware components you could combine with an 8086. You could use it to make hardware microcontrollers, electronic calculators, avionics, and -- oh, sure -- home computers.
What the LOCK
prefix does (as I remember, it's been nearly 15 years since I last looked at the Intel programmer manuals) is signaling the "bus lock" line of the microprocessor for the duration of the instruction execution. Whether that had any effect, depended on what you wired to that line! Normally, yes, the line was plugged to circuitry that would prevent other components from using any of the data lines; that's what makes a bus a "bus" (but I'm not very familiar with the details).
A source of confusion is that multitasking is not the same as multiprocessor (or should we call it multicomponent?). I don't know that anybody tried to put together a PC with two 8086's plugged to the same bus, but CPUs are not the only thing wired to the bus, even in the PC architecture. For example, The software running in the 8086 might need to lock the bus when accessing a piece of memory shared with an external input device, so the external input device could not write to it at the same time the 8086 was reading it. I imagine even an old fashion PC BIOS has a fair share of this going on.
Today's multiprocessor architectures still rely on the LOCK
prefix to coordinate between different processors; but that was not the primary reason why it exists and it's not its only use.