Necessary? Well, I guess not really. But it is very very very helpful for the following reasons:
1) Reproducibility. If you want to duplicate a recipe, the best way is to mix the new must to the same OG as the last one. Pounds of honey is not a good measure as the water content will vary.
2) Nutrition. Generally we recommend a staggered nutrient addition schedule. This means you add nutrients at various stages, some of which are determined by the % of sugars that have been fermented. You need to know the OG to know where you are in the fermentation.
3) Is it done? Yeast are funny critters. Even with a FG that seems ok and stable, they might decide to get up and work out again. If you know your OG as well as the current SG, you can know where the yeast are in relation to their alcohol tolerance. This helps you determine (to a degree) if they are likely to wake up again or not.
4) Tasting. It's fun to drink the hydrometer sample. Ok this one is kind of silly, but still true!