Especially with names I have often seen this romanization, but also with other words. Here is an example where the word 우리 is transliterated as "woori". Other examples are the Korean bank "Woori Bank" (Wikipedia) or the korean first name Hyun-woo (현우) with its common english spelling.
Why is the "w" at the beginning being used, instead of just "oo"? I would expect "Oori" to come closest in terms of pronunciation when transliterating 우리 to English. Is the correct pronunciation of 우 actually closer to "woo"?