What is that flimsy cardboard cover under my car engine? Do I need it?

there are 2 types of fasteners. One is a solid piece that pops in and out. Can be removed with a screw driver or any other prying device. The other is a 2 piece design. The center pulls out which allows the larger piece to be removed (the center piece expands the center of it thus holding it in place). If it looks like it has a center piece that sticks out then pry that out first, otherwise, attack it from all sides with a prying device.