The background setting actually doesn't control the background colors but more the foregrounds colors. It dates from a time (that includes the present for some terminal) where the background couldn't be controlled.
It is a way to tell the colorscheme or Vim in general what kind of color should be selected to offer a good contrast with the background (i.e. select light foreground color if the background is dark, select dark foreground color if the background is `light).
Remark: about the reason for which the sequence of the background option setting and the colorscheme settings is important is the following line of the default colorscheme:
set bg&
It resets the background option to its default which is dark.