That's like clicking on a bookmark. But when you need to tell someone else (who is unfamiliar with the district) where that coffee shop is, or vice-versa, that information becomes really important. Hiding the path and showing only the domain is like telling someone "it's in California".
On the other hand, if the URL is displayed, then there will be many who take note of the fact that it changes whenever they click on a new link or go back/foward, and it makes them mentally associate "that piece of text" with "this page I'm looking at" - they don't even need to know the term URL to do that. It's a bit unfortunate that browsers don't have "Address:" next to it anymore, because that would've made this association so much easier (someone seems to have made the same observation almost ten years ago, although it was FF vs IE: http://cheeaun.com/blog/2004/09/address-label-for-address-ba... ). Having made that association, they can then tell you exactly where a page they're looking at is, and vice-versa.