After going through the questions and answers, I still have a question lingering in my mind.
So, an observable is defined as a Hermitian operator whose eigenvectors make up a basis for the state space.
But why is it so important that this basis covers the entire state space? Could it be because if it doesn't, we can't express $|\psi\rangle$ as a combination of all the basis elements? And then, we'd struggle to understand the quantum state of the system, right? I guess this also means we wouldn't be able to describe all the possible outcomes of observables and their probabilities accurately.
By the way, thanks and have a great day.
Vector spaces without a basis and observables in quantum theory
Not all self-adjoint operators are observables? Why do an observable's eigenstates always form a basis?