I think LORs can provide valuable information about some students to admission officers. It is one more data point, and one given from a different perspective than the student. IMO there is value in that.
Many HS teachers I know take great care to write meaningful letters for their students.
Many grad programs do require LORs. I know my H wrote a couple for employees working for him who went back to grad school and my D and S both got professor LORs for their grad programs.