What makes a region good?

What is the most important aspect of a good region? Is it:

1. How good their best teams are in internationals (trophies)?
2. How close are the skill gaps between the teams (how many good teams overall)?
3. How professional & cool the tournament presentation + production?
4. How well do they represent the countries/regions?

1-2

I'd say 2, depth is the best indicator of how good a region really is.

Priority
2
1 and 4
3