It increased the luck factor.
It had to be scrapped long time ago, but of course Juve had to get properly fucked by it one last time (ok, two last times :D).
Football is not limited to international trophies.
5 Scudetti and 4 Coppe = legend.
Just because we have a shit tonn of those shouldnt depreciate them.
Given the choice, top sponsors will prefer an SL club. Doesnt matter what day they play.
I will argue that Real, Barca, Juve, Milan and Bayern alone have more fans world wide than all of EPL combined.