Why are the awards given at the Sundance film festival so important?

Mediboy
Institute gives many awards for fictional and documentary films
Institute gives many awards for fictional and documentary films
Some people say this is for the distribution of the movie. However, I am not talking about that. I mean, I wonder what these awards bring directors in terms of intellectual and film art. For example, there are many different film festivals. So what makes Sundance and receiving awards there special and prestigious in particular? (Footnote: It is the way to switch to another award or I do not want you to say that it is important for distribution, because I wonder the importance of the award received at that festival for the director and his career.)
Why are the awards given at the Sundance film festival so important?
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