Something that's dispensable isn't necessary — you don't really need it. Your vintage typewriter is cool, but it's also dispensable, since you can type and print with your laptop.
If robots are invented to do most of the jobs in the world, human workers will become dispensable, or unneeded. Likewise, many home chefs might insist that if you have a really good, sharp knife, other tools like peelers and choppers and food processors are completely dispensable. The earliest definition of this word was "subject to dispensation," from the Latin dispensare, "disburse or distribute," although by the 1640s dispensable meant "that which can be done without."