An Application Binary Interface (ABI) allows the MyCrypto interface to get very basic information about the functions and function types that are available in a smart contract. It is able to show functions in a way that is minimal and comprehensible. Without ABI, we wouldn't be able to know if you want to
setOwner (address), or both, or neither.
MyCrypto should automatically pull the ABI for you, or you can find it on the Contract Page on Etherscan. For example, here is the contract of OpenSea and the ABI:
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