Gurgen slightly different perspective for me. I think when the teams in the tournament have a relatively even level of quality, commensurate with the stature of the tournament, it works. It generates a story and spectacle with some purpose. Also a good means of revenue for an aspiring club. It wouldn't mean very much if Spurs (top 10 richest club in Europe) won this. Same applies to the EFL trophy in my opinion; has no substance to me when Man United win it.
One my friends (Chelsea fan) loves the ECL more than EL or UCL. I can't tell if he's being a hipster but it's partly because the competition seems to include a bunch of teams that are usually giving foreign players (particularly from Latin America) their first overseas opportunity. The ECL gives these players broadcasting exposure, as well as general exposure to lesser known cities.