If I'm diving locally, well, who gives a damn! I rarely go below 50', and could easily dive my equipment blind with just a timer. The water temp tells me if I go too deep, or we are diving spots where 35'~40' is about as deep as one goes.
Even if I am diving locally, I give a damn
The most local spot I have entails about an hour drive one way. That doesn't include the overhead of packing up and getting there, or unpacking once I get home, or two trips to the dive shop to get tanks and drop them off - so let's say that total travel alone is 4 hours all said and done (not including any time spent at the actual dive site). On top of that - two rental tanks plus gas money plus toll, parking and incidentals gives me about $70 in expenses.
So, suppose 10 minutes into the first dive and my only (AI) computer, or SPG for that matter, fails. There is no backup of any kind. Just go home? Waste my 4+ hours and $70, my buddy's 4+ hours and $70 (actually, a lot more, since he has to rent all his gear) and call it a day? That's just lame.
What if it were a 2-day, 2-tank (4 planned dives) overnight camping trip to a spot a little further up the road (maybe 3 hours one way)? What if the local dive involved the 2-day, 2-tank plan, but with an expensive 1-hour water taxi ride out to an island with overnight cabin rental?
Yes, gear failures happen, even on recreational local dives. That doesn't mean you can't plan for it, have some redundancy, and, hopefully, avoid wasting everyone's time and money to boot. In my mind, having a spare gauge set (of some kind) and regulator set available (even on local rec dives) is not any more unreasonable than having a spark mask strap, fin strap, o-ring collection, or whatever else. Required? No. Useful? You betcha.