Having lived life professionally around radio work for many years, here's my insight into why morse code was fundamentally important, and still could be.
From a true technician's perspective, the simplest radio communication device to construct is CW. Basically, you need to build an oscillator circuit to resonate at a specific frequency, then simply turn it off and on, and you can communicate. No keyboards, no microphones, and best of all, intelligence is more easily distguishable by a trained ear than any other form. You could build a low power transmitter from parts salvaged from consumer electronics, at least before the age of everything digital and surface mount hybrid ICS. In fact, you could take a basic amplifier circuit built around a common 2N2222 or 2N3904 transistor, which were quite common, and tweak it to oscillate at a set frequency, if you had a basic amount of training in electronics theory.
In fact, you could even build a makeshift transmitter from things with microprocessors and such in them, since they all have oscillators of their own, and you could key the circuit using morse code in a way that people who make their living listening for such things (I used to be one of those types long ago) would be able to detect, recognize, and act on.
But if you didn't know code, then it wouldn't do you much good to sit there and randomly key a transmitter. Even if detected, it wouldn't be recognized, and therefore no benefit.
By the way, countries such as China, Russia and Australia still have morse code transmission mode as a back up for all that snazzy digital, spread spectrum satellite stuff. In fact, it is still part of our back up in the states as well. When all else fails, you can fall back on the code as a last gasp.
I got up to 36 wpm back in the day, now I am lucky to make the 18 mark, and even then I'd probably need a couple weeks to raise the edge back up. I do like the idea of packing a low power portable rig juiced up with a couple lithium batteries set for Tx mid band at 40 meters or 20 meters. If I got in a pinch, I know once I got it set up, which don't take much, someone will eventually hear my signal and send in the rescue team. 3 watts goes around the world fairly well, albeit it is in the grass most of the time nowadays with all the noisy gadgets, but people are still listening for it. I don't think CW or morse code will ever go away completely.
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The ultimate result of shielding men from the effects of folly is to fill the world with fools.
-- Herbert Spencer, English Philosopher (1820-1903)
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