Princesses need crowns, I guess.
I think they're definitely just an aesthetic foremost but it is interesting that the tiaras seem to be the focal point of when they power up in some instances (like in the R film or when Usagi fights Pharaoh 90) and yet they vanish when even more power is needed.
Maybe early on they needed them as a conduit or an enhancer but later it vanishes so they can release the power more directly.
The planetary symbols are right where the stone was and even though that was forgotten for a long time after, Mercury, Mars and Jupiter all had them when Luna recognized they were Sailors.

Bonus conspiracy theory

:
The tiaras are how the Moon Kingdom controlled its soldiers and how, in the current age, Central Command keeps track of them and prevents them from going rogue by suppressing the true power in each girl.Remember, Luna even had the ability to send a beam of energy directly into each girl's forehead to take back control and activate the soldiers.