I think the in-season tournament did a decent job of accomplishing its goal. The goal, though, is not "making the regular season matter more." It's "getting people to care at all about NBA games before Christmas."
I do wish the NBA and MLB had major awards for the best regular season teams. The MLB actually used to, back before it was the MLB and instead were the separate and distinct American and National Leagues. (Rant beginning...)
Back then, there was no such thing as a post-season. Whichever team won the most games in the season was crowned the winner, being awarded the League Pennant.
Then the leagues merged, and they introduced the World Series, between the pennant winners of the two leagues. Some time later, in a transparent move for more money, they introduced the concept of a post-season tournament in the run-up to the World Series. In a bid to add some semblance of legitimacy to this naked money grab, they ripped the prestigious Pennant awards away from the teams that won the most games over the course of the season, so that it could instead be awarded to the teams that win the two sides of the post-season tournament bracket and make it to the World Series.
As such, the ridiculously long 162 game season counts for nothing but tournament seeding, in a sport with the highest game-to-game variance, where even in a 7 game series the worst team can fairly regularly beat the best. Baseball is stupid.