Yeah, because eventually the players could use it as a way of getting drafted into the pros. Football keeps the students united, and for players it gives them something to do after school. Yes, I think it is important.
Football promotes camaraderie and keeps the players active physically.
It's also important academically. The coaches push academics. I think football sets the tempo for how the school year is going to be. It's the first major sport of the school year. Football also helps to set the social atmosphere for students, with the pep rallies and homecoming.