Why is the product 'Laffy Taffy' important?

If you mean historically important, I'm not sure that it is, although items like candy can have tremendous nostalgiac impact for individuals. One could argue that Laffy Taffy has popular cultural significance, and a hip-hop song of the same name achieved some notoriety (although it didn't sell as well as the candy). the song is discussed in the article below. It once held the space shuttle together.