If we look at the usual norm on $\mathbb R$, i.e. $\vert\cdot\vert$, then we see that $\vert xy\vert=\vert x\vert\vert y\vert$. Untill now I've just assumed that this propperty also holds for norms in general, but after giving it a closer look I don't see why. So the question is:
If we have defined a norm on an algebra $X$, what can we say about the relation between $\Vert xy\Vert$ and $\Vert x\Vert\Vert y\Vert$ and why?
Edit: I've read in the comments that we should have something like $\Vert xy\Vert\leq\Vert x\Vert\Vert y\Vert$, however I'm not yet fully convinced that this is a necessity. For example: what would go wrong if we allow for some $x,y$ that: $\Vert xy\Vert>\Vert x\Vert\Vert y\Vert$
You can think of $\| xy \| \le \| x \| \| y \|$ as a multiplicative version of the triangle inequality $\| x + y \| \le \| x \| + \| y \|$; in that sense, it's as natural to use as the triangle inequality. It's one of the axioms of a normed algebra for several reasons, including but not limited to:
Like any axiom, you can drop it if you want - you can do anything if you want - but there's no guarantee that the result will be interesting. Axioms aren't laws. They're rules of games that people have found interesting to play.