Well it mattered in the sense that it went against the narrative that the Paul Finebaums and David Pollack's of the world had created, which was that Iowa didn't belong on the same field as a team like Michigan State. I'm not saying that is makes it right or a correct interpretation, just that it is. Michigan State was deemed by the punditry to be one of the standard-bearer programs, against which a team could prove whether or not it belonged.
Iowa took advantage of an advantageous schedule, caught some breaks and had a season that this Hawkeye fan will never forget. At places like Iowa or Iowa State or any of the other non-elite places, you have to take advantage of opportunities for special seasons. This has been one of those times. Hope that they finish it off with a 13th win against a very good Stanford team.