Maybe not to you and me, but in some countries the Olympic football tournament is up there with the World Cup.
The Italians (15 times - 3 medals) and USA (14 times - 1 medal) have entered their teams the most.
Looking at the table of entries for mens football at the Olympics... It doesn't really support jonnys statement - except the Brazilians who do take it seriously, probably because it should be a medal (even they've failed to qualify in recent history)