I think that is the stronger point here. Winning and brand value are related, but they are not the same thing.
NDSU can have an incredible football history and still face a ceiling when it comes to conference perception, market size and what a P4 league is actually looking for. None of that takes away from what they have done on the field.
I also do not completely buy the boredom argument. The competition has clearly gotten better in the 2020s, especially with SDSU and the Montana schools, so if close games and uncertainty were all it took, you would expect fan interest to rebound more than it has.
To me the bigger question is whether NDSU has simply reached the maximum level of attention it can generate in its current environment. Moving up might help with novelty, but I am not convinced playing UTEP or San Jose State suddenly fixes the underlying issue either.