So far the only good argument Ive seen mentioned here is pollination which is done primarily by bees and butterflies. So those we could keep. Dead stuff would rot on its own without bugs eating them, and things that eat insects could get just as much nourishment from grubs or worms instead. The Earth survived just fine and didnt turn into a wasteland when dinosaurs were eradicated, and dodo birds, and mammoths and all the other millions of animals that went extinct over the years/ I think we would be fine without flies and mosquitos