There's a deeper explanation here: https://math.stackexchange.com/questions/185888/why-dont-we-...
6 x 6 = 36
But if we choose 2 as basis, rather than 1, then we have
3 x 3 = 9 (aka 3(2) x 3(2) = 9(2))
But 9(2) != 36
So even regular multiplication isn't invariant under chosen "basis"
In a vector space, the fundemantal object is the vector. Writing it as a sequence of numbers with an assumed basis is a notational convience.
If you want to define a function for vectors, then you need that function to give the same result regardless of the basis you use to represent the vectors. When you here mathaticians talk about proving that a function is "well defined" this is what they are talking about.
Of course, you might be working with some spefic structure where component wise multiplication is meaningfull and well define. That structure might happen to also be a vector space, and the notation used to write it might happen to coincide with vector notation under the "obvious" choice of basis.
Other specific vector spaces have their own quirky notion of multiplication. For instance polynomials can be viewed as a vector space, with an obvious basis of { x^n }, but polynomial multiplication looks very different from component wise multiplication.
I think GP's (and my question) is why those properties and none others are important.