I don't think that prohibiting the publication of whole full-length albums would be a good idea. There have been plenty of great albums, that really deserved to be whole albums. Maybe usually that's not the case, but still, I wouldn't want to prohibit the album construct.
If artists would be forced to release only singles they would be pressured to make every song fit the “hit” format. Music would be more homogenous and boring. I doubt Bohemian Rhapsody would ever be released in such a world.
I guess I’m in the minority but I like listening to full albums even when using a streaming service.
2. There is an economy of scale for studio time.
3. The way artists are paid requires more value than 3 minutes at a time.
4. There is value in music for deeper fans to dive into that are not the casual fans that listen to singles.
5. An artist doesn't always know what song is going to resonate with fans -- the right singles to release is not a science.