Generally speaking, you don't need to format an SD Card, but it's always a good idea to format any flash memory card occasionally.
First, it creates an environment (FAT, folder structure, etc.) that the camera is designed to use. New cards are formatted with a generic structure, but the camera may stumble around when trying to store files within a non-native folder structure. For this reason, it is always a good practice to use your dash camera to format the SD card you wish to use in it rather than formatting it with your computer.
Second, the more you use a flash memory card, the more fragmented the free space and the file allocation table (FAT) will become. That means that, as time goes by, it will take longer for the camera to write new video files to the card and it will be more prone to errors.
You shouldn't format flash memory devices too often either. Unlike magnetic media, flash memory can only be written to a finite number of times (the actual number is in the millions, but it's still finite.) Formatting does a lot of writing, so everytime you format a flash memory device, you're getting that much closer to the point where you can't write to it anymore. (A good quality microSD card should provide at least several years of full time dash cam use.)