There is key information that needs to be on the album cover. I have made a collage of words including what should be displayed on an album.
Also, heres a list to make it clear what should be included:
Legal information: copyright, year of release, studio, producers etc.
Record label (usually the logo as well)
Warning (if necessary) "explicit content"
Artist name/ band name
Album name
Artwork/ photo
Barcode
Track/ song list

Albums and its artwork are made for many reasons. It attracts a specific audience, it displays the genre, it markets/ sells the artist, it builds the "star" image and it is way of exhibiting the product.