Why Do Musicians Still Need Record Companies?

It sounds so simple on the face of it: just sell it yourself online. The reality is that promoting and managing any artist's career requires a skill set beyond that of many if not most artists. Theoretically it's possible to self manage effectively, the reality is that few know how at the outset of their career to develop themselves and make business decisions that are in their long term self interest. As previously mentioned, expertise is needed in tax, accounting, marketing, & legal issues.

I know some who are long-term weed smokers and like all pot-heads suffer from the delusion that their mental acuity
has not suffered.

The OP asked about record companies, not managers or agents. The admin and financial work mentioned in several responses usually falls to a band's manager. As many have noted, it's usually a bad idea for a band to self manage. See Fleetwood Mac's disastrous experience with Mick Fleetwood at the helm.

Either way, the record company plays a different role.

Leonard Cohen had once manager too, but realized too late that this biatsch completely destroyed his wealth and I doubt that he's ever had any closer than friends relationship with har(the biatcsh).

The 18mts sentence for har was a joke and help from 'Nicky Santuro' or similar movie character doodz found in reality would be much more fair and efficient(in terms of funds recovery) than Court of Law. https://www.youtube.com/watch?v=3ZzAS53gcDg

That huge depletion of his wealth indeed triggered his latest large tour and 2 new albums. Ain't no bad without good tho and I wish his way to be as long and strong as it possibly can be. I wish him outlive Les Paul and make more public apearance, great albums and great books.

Nicky gets the job done well!