But nothing is actually necessary. It depends on what you want to achieve.
Food, water, shelter, sustainability, those are necessary (as are human rights and an equal, equitable, and just society), commodifying the necessities of existence and survival of the human race to make a handful of people massive amounts of money and power never has been, and never will be, necessary.
The speed of innovation might have gotten a big impulse by capitalism
Truth is you've been brainwashed, by capitalism to think it is a good, necessary, and even natural thing, when in truth it has existed for the tiniest blips in human history (and in its short existence has cost, and continues to cost tens of millions of lives annually, not to mention the health of the planet, and that of the remaining working class), and you've been taken in by an appeal to tradition, rather than truth or reality, to ensure you don't start considering what is outside of the box, or system, you've been trapped in since birth.