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To be honest, even just ETH and Bitcoin existing, we do not need a lot more altcoins. I have not yet read the utility of the other coins in the top coins of the market, but looking at it I do not need more other coins to invest at to be honest.
Maybe finding more cheaper coins was the reason that we "need" more altcoins though, but I do not think that is the sole reason to create another coin.
Altcoins are the ciins that keep me going in the Crypto space. Only Bitcoin and Ethereum can't bring enough Profits in the space, but altcoins will definitely pump and give you 200x to 600x of your capital only if invested in the right coin at its main season. We need altcoins in almost every aspect of Crypto especially the trading and investing. This season my main target is aimed at the the potential altcoins gems and grab the opportunity.
The cryptocurrency market cannot be built solely on bitcoin. Bitcoin is suitable for long-term investment, altcoins are suitable for risk-takers and can be used for short-term investments to generate daily profits. Altcoins are a must-have in the market, otherwise the crypto market would be tedious. Just like stock or forex, there must be competition to grow and create more opportunities for investors.