Recovery Partition is there to help you to restore your computer to factory settings i.e. completely reinstall Windows and HP's collection of third party applications on your machine. In other words the PC is after factory recovery as it was when first time booted, a "virgin"
It includes some bloatware, yes, but HP today is not so bad as it was regarding bloatware. Today the HP's include mostly only a trial version of an antivirus application, MsOffice trial or ad-financed MsOffice Starter and HP's useless media apps, network assistant, update assistant and so on. These elements are easy to remove after first boot or factory recovery.
Your HP has / had a tool in Start Menu to burn a set of recovery DVD's (= copy recovery partition to DVD's), after which it is safe to delete this partition. Depending on the model, a normal HP Recovery DVD set needs 3 or 4 single layer DVD's.
I am a long term "HP Fan Boy"
, always burning the recovery disks. It is of course up to you to decide; if you are sure you never need to restore your computer to its original state, you can freely remove the partition.