Liverpool, Juventus and Atletico Madrid were 3 of the 4 top winners of the, at the time, 3rd rate UEFA Cup before it merged with the cup winners cup in 99. Doubt any of them would take that back.
We'd have to be having a shocking time in the first 2 competitions to end up in it like PSV, out the CL at the playoffs, out the Europa at Christmas and into that, but if you're in it you definitely want to win it. It's still a far bigger cup than the Scottish and a harder achievement than the league, just doesn't come with the same prestige as the other 2.
I just can't see Scotland's coefficient place being low enough again to happily take that as entry into Europe. Would have been handy for the 2016-2018 seasons to help development and revenue.