The IIHF Men's WC is still a very important barometer in international hockey, its main purpose is to display the depth of a nation, Canada for example has been able to win it now and again, from 2003, 2004, 2007, 2015, 2016, 2021, 2023. Many countries have been able to produce results like the Swedes in 2006, 2013, 2017, 2018, many others too like Czechs in 2010, 2024 or Finns in 2011, 2019, 2022.
Yes the entire best rosters and players aren't there, but to be able to win it is still a challenge and it's still relevant. It's a good tool to check depth and overall health of your hockey program.