FW has only been as important as those participating in it have attached value to its activities. Historically, it's always been less about the official narrative about the factions and more about the conflict narratives between different player groups and personalities over the years. Which really is not any different to anywhere else in Eve.
There has however always existed a degree of expectation among roleplayers especially, that FW should be a, "Proper," conflict fought only between political and ideological loyalists who all have to abide by certain rules like it's some kind of LARP fought in a park and presided over by GM's who enforce those rules and who provide an overarching narrative.
As FW has developed though, it has essentially become analogous to a third-world conflict fought in some resource rich backwater and conducted by a varied collection of corporate mercenaries, adventurers, war profiteers, paramilitary groups, and soldiers of fortune that have turned entire sectors of low-sec into the New Eden versions of Syria, Iraq, Somalia, Chechnya or eastern Ukraine.
The latter however, while I find realistic to the setting of Eve, does cause problems for those that desire some kind of factional Grand Narrative provided by CCP within the setting of FW.