Bearings are not required as evidenced by the millions of Briggs, Tecs, etc. without rod bearings.
Clearances and adequate oil are required for the two surfaces to not meet. As rpms increase, it becomes harder to maintain the oil film between the rod and bearing. This is the point where the aluminum rod meets the steel crank and starts to gall.
This is where the bearing comes in. A bearing shell has a steel or other strong material to contain the babbitt inside. The babbitt is harder to gall on the crank than the aluminum rod when there is adequate oil. In most ARC rods, the dipper has a hole that feeds oil to the bearing surface. The pressure of the oil coming up the dipper is higher with higher rpm ensuring there is adequate oil on the bearing surface.
From Wiki:
Babbitt metal is most commonly used as a thin surface layer in a complex, multi-metal structure, but its original use was as a cast-in-place bulk bearing material. Babbitt metal is characterized by its resistance to galling. Babbitt metal is soft and easily damaged, which suggests that it might be unsuitable for a bearing surface. However, its structure is made up of small hard crystals dispersed in a softer metal, which makes it a metal matrix composite. As the bearing wears, the softer metal erodes somewhat, which creates paths for lubricant between the hard high spots that provide the actual bearing surface. When tin is used as the softer metal, friction causes the tin to melt and function as a lubricant, which protects the bearing from wear when other lubricants are absent.