Macro algae, like most green plants, need light, water, CO2 and various nutrients or elements.
Nitrogen in many forms, carbon, iron, phosphorous, oxygen, and a whole host of other organic proteins and inorganic compounds.
It simply uses these things to grow, to create new plant tissue, to produce simple sugars for cell respiration and to sustain itself.
Feeding it to another animal just allows these proteins and nutrients to be converted to waste products, broken down by the animals metabolism, and these wastes then re-fuel the nitrogen cycle, as well as other chemical reactions that occur in any ecosystem.
Most any green plant, be it micro or macro algae will accomplish what we're wanting it to do - it's just the macro's are so much easier for us to remove from the system - that they are the prefered plant.
Growing sheets of micro algae ( nuisance algae ) on a removable hard surface would do the same thing, but we try to avoid this stuff in our tanks - and having it grow in the fuge, although possible, is a pretty scarey thought.
Exchange of nutrients and light for energy, and creating wastes and by-products is what most all green lifeforms do to survive.
We just want something that we can easily grab, harvest and get rid of - caulerpa is great for this.
It really is a facinating thing to think about.