many culturally significant things are like that -- valueless aside from some mythos or story that provides the value from somewhere other than worldy presence.
The sign is trivial, but it symbolizes a lot of the same things that Hollywood itself has come to symbolize for many years.
'Going out to California to make it big' has been one of the slices of American Dream for a very long time. The Hollywood sign is one of the things that has become associated with that idea, among others; and that's ignoring the international impact that Hollywood has had on the world in the past, even if the strangehold on the worlds' cinema culture is no longer as tightly held, as you mention.
> Depends where you are in the world.
I'd argue that even elsewhere in the world, 'Hollywood' would be a likely answer from those asked, but few if any people in Mumbai, for example, will make a mention of Pinewood.
In India, it's referred to as "बॉलीवुड".
"Bollywood" was invented & popularized in Bombay-based film trade journals in the 1960s & 1970s. It was an explicit reference *by the Indian film industry there to Hollywood. It was additionally a play on “Tollywood" for the Tollygunge-based cinema of West Bengal, which had been called that since the 30s.
I tend to think the same due to growing up in the area. It’s like a freeway sign to me. After giving the hundredth tourist from around the world directions to get there… I thought hmm, people really like this mere sign.