In chapter 2 of Terence Tao's Analysis, Tao goes over the axiomatic formulation of the natural numbers (Peano axioms). He explained the first four axioms:
Axiom 2.1. $0$ is a natural number.
Axiom 2.2. If $n$ is a natural number, then $S(n)$ is also a natural number.
Axiom 2.3. $0$ is not the successor of any natural number.
Axiom 2.4. Different natural numbers must have different successors.
Then he explains that this is not enough to formulate the familiar $\mathbb{N}$, because the set of "natural numbers" specified by only the first four axioms might contain all the elements we want, but it does not specify that those are the only elements of $\mathbb{N}$. (for example, $\{0, 0.5, 1, 1.5, 2, 2.5, 3, 3.5, \dots \}$ satisfies the four axioms but it contains more than $\mathbb{N}$.)
So we need a fifth axiom that can fill this role.
Axiom 2.5. (Principle of mathematical induction). Let $P(n)$ be any property pertaining to a natural number $n$. Suppose that $P(0)$ is true, and suppose that whenever $P(n)$ is true, $P(S(n))$ is also true. Then $P(n)$ is true for every natural number $n$.
I am somewhat confused what this axiom tries to do. Am I right to think that this acts as an axiom which (1.) justifies the use of the logic of mathematical induction, and (2.) specifies precisely the elements of the set of natural numbers, both at the same time?
If so, then isn't (1.) a bit too overkill, if we are just trying to formulate the set of numbers isomorphic to $\mathbb{N}$?
Edit: To clarify, the confusion arises from the idea that axiomatizations should be as simple as possible. The principle of mathematical induction seems like a heavy axiom just to state that "every natural number is either $0$ or a successor of $0$".
Edit: This question does not answer my confusion. The question in the link asks why the induction axiom "only allows the natural numbers as we know them", whereas my confusion comes from the fact that induction seems "too much" just to state the fact that the natural numbers consists of $0$ and repeated successors of $0$.