It matters typically only for the highest levels of endgame alliances because it affects placement and rewards. It is probably not worth your effort unless you plan to be or are in the very top.
Champions have a base hero rating (no masteries applied). It increases based on rank and signature level. And of course rarity (star level) Prestige is the average of your top5 champions hero base rating. Go to auntm.ai and check the base hero rating for all champions, at all ranks/signature levels/rarity. Prestige affects AQ rankings ONLY. The more prestige an alliance has (average of all members), the more points they score in AQ.
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Found this article from kabam themselves, hopefully it helps
Prestige is the average of your top5 champions hero base rating.
Go to auntm.ai and check the base hero rating for all champions, at all ranks/signature levels/rarity.
Prestige affects AQ rankings ONLY. The more prestige an alliance has (average of all members), the more points they score in AQ.