I also think bells are beneficial to the liturgy to highlight the significance of the consecration and elevation of the eucharist. However I heard somewhere that the use of bells has its roots in a bygone era when people were less involved with the moment-to-moment actions of the mass. In those days people came to mass and didn’t really follow the actions of the priest. They knew he was doing something important, and they trusted that the end result would be what they needed. But they often would bring a rosary and pray the rosary during mass while the priest “did his thing” (mostly in Latin, which the people did not always understand). In such an environment, it was beneficial to use the bells to “wake up” the congregation at the elevation so they would not miss it. I don’t remember where I heard that from, but there it is for your consideration.
After Vatican II, people are generally much closer in touch with the parts of the mass, and are quite aware when the elevation is happening and do not need bells to bring it to their attention. However, I still like it, and it continues to serve a useful purpose, even if it is not quite the same purpose for which it was first begun.