True, but an alternative system can be built outside of the Bitcoin Blockchain to feasibly do the same thing. (such as https://www.ethereum.org/)
Also because of network effects, it is probable that only one cryptocurrency will dominate, likely Bitcoin. So it is convenient for ownership to take place on Bitcoin and not in a competing altcoin. We'll see how things progress when Ethereum comes out.
Or you know, you could use practically any other system that doesn't try to be money (or en ethereum's case, an everything wannabe)