What are events for and how to remove it?

I can not make any sense of the use of events. Can someone explain to me what this function is for and why I should keep it?

Currently the my account drop down lists the link to events. How to remove this?

I do see the point of allowing customers to buy products as gifts, so I want to keep that function.

I use the Events function as a Wedding Gifts List, I assumed this was the aim of this function anyway. Much like in every day life, the Bride & Groom create a Wedding List for their guests to select wedding gifts from. This allows them to create a list of products, for their friends and family to view, either by logging in or not (public or private event) and buying the items on the list.