Initrd/initramfs is optional and not a requirement. BzImage is the pure kernel image and can be booted directly by the bootloader. However it might be neccesary to execute some tasks (loading filesystem modules, drivers for disk access, mounting the root file system from some exchangeable media without fixed name/path, etc.) that would usually require access to a filesystem and userspace tools.
The initrd contain the modules required to understand the root filesystem, and thus be able to access the normal store of kernel modules.
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