Question

Why was land the most important gift a lord could give a vassal?

Answer 1

Because land was like gold nowadays if u had a large piece of land u were considered to be high class

Answer 2

This is known as a society system. America is nothing like this. An example of this today is called the caste system in India. 
A vassal could also be known as a slave. 

Answer;

When land is given to a vassal, he no longer becomes a vassal, but a lord. 
This is a huge change in his society standing.