At least in 1994 we had some star power. Forsberg was becoming regarded as the “best player outside of the NHL”, Loob had a case for being the best Swedish player maybe ever, both him and Mats Näslund chose to play in Sweden years before they were done as NHLers, and it was just a different era. Just recently, the tournament did mean a whole deal since it featured the mighty Soviet Union and most of the best European players were still in Europe.
People forget, but Canada were not the favorites to win that tournament, or to make the finals even. Finland were primed to win the gold, they had a better team than Sweden but chose to rest Myllys in the semifinals against Canada, which of course paved the road for their upset in the hands of exciting young stars like Kariya and Nedved.
I wouldn’t say any gold medal is worthless, but there’s a difference between international hockey in 1994 and international hockey in the last few years which makes this watered down Olympic tournament feel very empty.