This little piece gives an insight as to why schooling is pretty so necessary -- it's instinctual.
"The hypothesis is presented that "schooling may be considered an instinct… and is at a relatively low level in the hierarchical organization of behaviour." Characteristic behaviour of a variety of fish in their relation to each other is described. Visual stimuli predominantly determine the response, which is affected by increased hunger (tendency towards dispersal), feeding-responses (attract other fish), alarm (increased schooling) and increased reproductive motivation (end of schooling in male, giving way to attempts to hold territory). 66-item bibliography. German summary. (PsycINFO Database Record (c) 2010 APA, all rights reserved) (Keenleyside, Miles H. A., U. Gronigen, The Netherlands.)" It ultimately helps fish to respond more appropriately to their environment for better survival.
I have a single rasbora (because that's how the previous owner's had the tank) and he insists on schooling with the other fish, my assumption is instinct. Research is the only solid way of understanding most things in this world. There have been studies with fish in pitch black tanks with peep holes and mirrors, to see how they are attracted to other fish or things similar looking to fish. I've done a tank transfer and could not catch one of my Rummies for the life of me, he was left in the previous tank with some bottom feeders while I took a break and the next day he was still restless and sporadic, he had no fish to school with and no fish who looked like him -- I can't pinpoint the exact reason to his uneasiness but could say the tank swap and being alone affected him.
I don't think it is judging happiness in a fish as much as it is keeping them in their natural environment, which consists of more than just one fish. I won't deny that fish can certainly live alone, but the optimum environment is the one that best replicates their natural habitat.