It's tough to answer, but the playoffs do exist. If the Stanley Cup wasn't created, and the playoffs were not a thing then 1st place in the NHL would mean everything.
The Stanley Cup exists, and it is seen as a very prestigious trophy. Regular season is just a warmup for the Stanley Cup playoffs. You win the President's Trophy, all you get is a banner and home ice advantage in every round of the playoffs. That's how it's been for decades. One day they might abolish the playoffs and the 1st place team after 82 games gets the Cup, then it will mean something. Until then, regular season is just a warm up for the real thing.