I think "back in the day", the Rose Bowl was a big deal, it had history, pageantry, and often two top teams from difference conferences competing on Jan. 1. That is considerably diluted today, but the history remains.
I've always thought a conference championship was a Big Deal, the Goal for most programs. The NC was "mythical" back then (and winning your conference could be shared of course). It's a bit sad today that winning the NC is now the goal for 15-20 odd progams each season.