I've always felt the first two movies were necessary in Rocky's story of going from an underdog nobody to a well respected world champion and that the next 4 sequels were quite the opposite - unnecessary.
Although I still believe that, I do feel like Rocky III is very much an underrated film, not just in the series but in general too.
Showing Rocky's shift towards retirement was a satisfying way to finish off the trilogy and where I feel it should have ended.