It’s used for accessibility for screen readers and the like i.e.
use_the_label_element_to_make_your_html_forms_accessible
So you should use it. And here is a link to convince you about the importance of accessibily.
And here is a little story – making your site accessible can benefit all users – i always was amazed at the amount of effort civic authorities went to for wheelchair accessibilty until I had a daughter and use a push chair. I think websites follow the same rule – everyone benefits.
Apologies for the polemic