Organizations rely on specialization and hierarchy to organize people and teams in order to achieve collective goals. The two most common elements of a job title relate to function and seniority.
A title shows a person's function or seniority in a company, but it doesn't picture a worker's value. Organizations depend on clear demarcations between who is responsible for tasks and responsibilities and who is accountable for them.
For insight into 'Titles' components, find a discussion here.