Are the Ricci and Scalar curvatures the only "interesting" tensors coming from the Riemannian curvature tensor?

This answer attempts to frame a systematic description of the tensorial curvature invariants that arise from algebraic manipulation of $g$ and $Rm$ in terms of representation theory. Among other things, this viewpoint explains fully the exceptional behavior of the decomposition of curvature in lower dimensions.

The symmetries of the curvature tensor $Rm$ of a metric $g$ on a smooth manifold $M$ are generated by the following identities.

• $Rm(W, X, Y, Z) = -Rm(X, W, Y, Z)$ (this follows from the usual definition of $Rm$),
• $Rm(W, X, Y, Z) = -Rm(W, X, Z, Y)$ (this follows from torsion-freeness of the Levi-Civita connection $\nabla$), and
• $\mathfrak{S}_{X, Y, Z}[Rm(W, X, Y, Z)] = 0$, where $\mathfrak{S}_{X, Y, Z}[\cdot]$ denotes the sum over cyclic permutations of $X, Y, Z$ (this is the \textbf{First Bianchi Identity}).

Now, fix a point $p \in M$ and denote $\Bbb V := T_p M$. The above symmetries together imply that $Rm$ takes values in the kernel $$\mathsf C := \ker B$$ of the map $$\textstyle B : \bigodot^2 \bigwedge^2 \Bbb V^* \to \bigwedge^4 \Bbb V^*$$ that applies the symmetrization $\mathfrak{S}_{X, Y, Z}$ appearing above to the last three indices. This is an irreducible representation of $GL(\Bbb V)$ of (using the Weyl dimension formula) dimension $\frac{1}{12}(n - 1) n^2 (n + 1)$, $n := \dim \Bbb V = \dim M$.

The stabilizer in $GL(\Bbb V)$ of the metric $g_p$ on $\Bbb V$ is a subgroup $SO(\Bbb V) \cong SO(n)$, and we can decompose $\mathsf C$ as an $SO(n)$-module. This is a typical branching problem, and this working out this particular decomposition amounts to working out the various ways $g_p$ can be combined invariantly with an element of $\mathsf C$. Forming the essentially unique trace of $\mathsf{C} \subseteq \bigodot^2 \bigwedge^2 \Bbb V^*$ is the $SO(n)$-invariant map $\operatorname{tr}_1 : \bigodot^2 \bigwedge^2 \Bbb V^* \to \bigodot^2 \Bbb V^*$. The kernel of this map is an $SO(n)$-module $\color{#0000df}{\mathsf{W}}$. Likewise, we have an $SO(n)$-invariant trace $\operatorname{tr}_2 : \bigodot^2 \Bbb V^* \to \color{#df0000}{\Bbb R}$, and the kernel of this map is an $O(n)$-module $\color{#009f00}{\bigodot^2_{\circ} \Bbb V^*}$.

In all dimensions $n \geq 5$, we have $$\textstyle{\mathsf{C} \cong \color{#0000df}{\mathsf{W}} \oplus \color{#009f00}{\bigodot^2_{\circ} \Bbb V^*} \oplus \color{#df0000}{\Bbb R}},$$ and all of these representations are irreducible. In terms of highest weights as $SO(n)$-representations, $$\textstyle{\color{#0000df}{\mathsf{W}} = \color{#0000df}{[0,2,0,\ldots,0]}, \qquad \color{#009f00}{\mathsf{\bigodot^2_{\circ} \Bbb V^*}} = \color{#009f00}{[2,0,0,\ldots,0]}, \qquad \color{#df0000}{\Bbb R} = \color{#df0000}{[0, 0, 0, \ldots, 0]}} ,$$ and these modules have the dimensions indicated in $$\frac{1}{12}(n - 1) n^2 (n + 1) = \color{#0000df}{\underbrace{\left[\tfrac{1}{12}(n - 3) n (n + 1) (n + 2)\right]}_{\dim \mathsf W}} + \color{#009f00}{\underbrace{\left[\tfrac{1}{2} (n - 1) (n + 2)\right]}_{\bigodot^2_{\circ} \Bbb V^*}} + \color{#df0000}{\underbrace{1}_{\dim \Bbb R}} .$$

• The projection of $Rm_p \in \textsf{C}$ to $\color{#0000df}{\mathsf{W}}$ is the Weyl curvature $\color{#0000df}{W}$ at $p$, the totally tracefree part of $Rm_p$. Replacing a Riemannian metric $g$ with the conformal metric $\hat{g} := e^{2 \Omega} g$ gives a metric with Weyl curvature $\color{#0000df}{\hat{W}} = e^{2 \Omega} \color{#0000df}{W}$, so we say that $\color{#0000df}{W}$ is a covariant of the conformal class of $g$. The condition $\color{#0000df}{W} = 0$ is conformal flatness of $g$.
• The projection of $Rm_p$ to $\color{#009f00}{\bigodot^2_{\circ} \Bbb V^*}$ is the tracefree Ricci tensor $\color{#009f00}{Ric_{\circ}}$ of $g$ at $p$. The condition $\color{#009f00}{Ric_{\circ}} = 0$ is just the condition that $g$ is Einstein.
• The projection of $Rm_p$ to $\color{#df0000}{\Bbb R}$ is the Ricci scalar $\color{#df0000}{R}$ of $g$ at $p$. The condition $\color{#df0000}{R} = 0$ is scalar-flatness of $g$.

In dimension $4$, all of the general case still applies, except for the fact that $\color{#0000df}{\mathsf{W}}$ is no longer irreducible: The ($SO(4)$-invariant) Hodge star operator induces a map $\ast : \color{#0000df}{\mathsf{W}} \to \color{#0000df}{\mathsf{W}}$ whose square is the identity, so $\color{#0000df}{\mathsf{W}}$ decomposes as a direct sum $\color{#007f7f}{\mathsf{W}}_+ \oplus \color{#007f7f}{\mathsf{W}}_-$ of the $(\pm 1)$-eigenspaces of $\ast$. The vanishing of the projections $\color{#007f7f}{W_{\pm}}$ are respectively the conditions of anti-self-duality and self-duality of the metric (since these depend only on the Weyl curvature, they are actually features of the underlying conformal structure). The decomposition into irreducible $SO(4)$-modules is $$\textstyle{\mathsf{C} \cong \color{#007f7f}{\mathsf{W}_+} \oplus \color{#007f7f}{\mathsf{W}_-} \oplus \color{#009f00}{\bigodot^2_{\circ} \Bbb V^*} \oplus \color{#df0000}{\Bbb R}} .$$ In highest-weight notation, $$ \color{#007f7f}{\mathsf{W}_+} = \color{#007f7f}{[4] \otimes [0]}, \qquad \color{#007f7f}{\mathsf{W}_-} = \color{#007f7f}{[0] \otimes [4]}, \qquad \textstyle{\color{#009f00}{\bigodot^2_{\circ} \Bbb V^*} = \color{#009f00}{[2] \otimes [2]}} , \qquad \color{#df0000}{\Bbb R} = \color{#df0000}{[0] \otimes [0]} .$$ In particular, $\color{#007f7f}{\mathsf{W}_+}$ and $\color{#007f7f}{\mathsf{W}_-}$ can be viewed as binary quartic forms respectively on the $2$-dimensional spin representations $\mathsf{S}_{+} = [1] \otimes [0]$ and $\mathsf{S}_- = [0] \otimes [1]$ of $SO(4)$, which gives rise to the Petrov classification of spacetimes in relativity. The respective dimensions are $20 = \color{#007f7f}{5} + \color{#007f7f}{5} + \color{#009f00}{9} + \color{#df0000}{1}$.

In dimension $3$, the curvature symmetries force $\color{#0000df}{\mathsf{W}}$ to be trivial, but the other two modules remain intact. (So, $\color{#0000df}{W} = 0$, but in this dimension conformal flatness is governed by another tensor.) The decomposition into irreducible $SO(3)$-modules is thus $$\textstyle{\mathsf{C} \cong \color{#009f00}{\bigodot^2_{\circ} \Bbb V^*} \oplus \color{#df0000}{\Bbb R}},$$ and in particular, if $g$ is Einstein, it also has constant sectional curvature. In highest-weight notation, $$ \textstyle{\color{#009f00}{\bigodot^2_{\circ} \Bbb V^*} = \color{#009f00}{[4]}}, \qquad \color{#df0000}{\Bbb R} = \color{#df0000}{[0]}, $$ and the respective dimensions are $6 = \color{#009f00}{5} + \color{#df0000}{1}$.

Finally, in dimension $2$, $\color{#009f00}{\bigodot^2_{\circ} \Bbb V^*}$ is also trivial, so $\mathsf{C} \cong \color{#df0000}{\Bbb R}$, that is, the curvature is completely by the Ricci scalar $\color{#df0000}{R}$, which in this case is twice the Gaussian curvature $K$.

These invariants account for all of the invariants one can produce by pulling apart $Rm$, but of course one can produce new tensors by taking particular combinations of them. Some important ones, including some mentioned in other answers, are combinations of $\color{#009f00}{Ric_{\circ}}$ and $\color{#df0000}{R}$, giving rise to distinguished tensors in $\bigodot^2 \Bbb V^*$:

• The Ricci tensor, which is of fundamental importance to Riemannian geometry, is $$Ric = \operatorname{tr}_1(Rm) = \color{#009f00}{Ric_{\circ}} + \frac{1}{n} \color{#df0000}{R} g.$$
• The Einstein tensor, which arises in relativity, is $$G = \color{#009f00}{Ric_{\circ}} - \frac{n - 2}{2 n} \color{#df0000}{R} g .$$
• The Schouten tensor, which appears in conformal geometry, is (for $n > 2$) $$P = \frac{1}{n - 2} \color{#009f00}{Ric_{\circ}} + \frac{1}{2 (n - 1) n} \color{#df0000}{R} g .$$

The vanishing of any of these three tensors is equivalent to vanishing of the other two and is equivalent to $g$ being Ricci-flat.

Remark One can construct many more interesting, new curvature invariants by allowing for derivatives of curvature and its subsidiary invariants. To name two:

• The vanishing of the derivative $\nabla Rm$ of curvature is the condition that $g$ be locally symmetric.
• Skew-symmetrizing $\nabla P$ on the derivative index and one of the other two indices gives the Cotton tensor $\color{#9f009f}{C}$, which satisfies $(3 - n) \color{#9f009f}{C} = \operatorname{div} \color{#0000df}{W}$. In dimension $3$, vanishing of $\color{#9f009f}{C}$ is equivalent to conformal flatness. In dimension $n \geq 4$, vanishing of $\color{#0000df}{W}$ implies vanishing of $\color{#9f009f}{C}$ but not conversely, giving rise to a weaker variation of conformal flatness called Cotton-flatness.

No, there is (at least) Weyl tensor. Basically Weyl tensor measure how far away the Riemannian metric from being conformally flat. Conformally flat means that the metric is conformal to flat metric. If Weyl tensor vanishes, then it is conformally flat.

No, there's a lot more interesting stuff. One particular subject that is actively studied is identities involving curvature invariants and how formulae equating combinations of curvature invariants constrain the form of the metric.

For example, see this article.

If you are willing to include not strictly tensorial quantities, an obvious thing that you missed is the sectional curvature operator. But a less well-known operator, that is nevertheless very interesting, that relates to the Riemann curvature tensor is the isotropic curvature, which is defined as

$$ (X,Y,Z,W) \mapsto Rm(X,Z,X,Z) + Rm(X,W,X,W) + Rm(Y,Z,Y,Z) + Rm(Y,W,Y,W) - 2 Rm(X,Y,Z,W) $$

This operator featured prominently in the resolution of the differentiable sphere theorem by Simon Brendle and Rick Schoen, see e.g. this paper or this book.