I've lived in 4 countries in my life so far, and none of them have ever qualified for a World Cup. Yet, it is by far the biggest, most popular and most prestigious football prize in those countries. The World Cup may be slightly below the Champions League in football quality but prestige doesn't necessarily have to be proportional to the quality of the football.
Messi: I would give up all my titles to win the World Cup
Bale's World Cup Dream
This is a moot point. Every Champions League team winner this past decade (arguably Barca in 2011 and Bayern in 2013) has needed some sort of luck to win, despite being stacked from back to front. Certainly not significantly less than World Cup winners by any measure.
Again, an irrelevant point because prestige is defined by players, media, viewers and history.