It is the same as a lot of D2 schools with D1 hockey teams: it is the <<flagship>> of the athletics program. To lose that is to lose a lot of school pride and investment since it is the school's most-followed team. Hockey, at least in theory, puts their school on a map, like other D2 schools with D1 hockey. Without a D1 hockey program, no one would ever know schools like Clarkson, Bemidji State, Alabama-Huntsville, Lake Superior State, and St. Cloud State just to name a few. There is no football team at most of these schools. There are no college football programs in Alaska. Alaska is culturally a cold-weather sports area and hockey has been an established and popular sport in the state for a long time. And besides two two NAHL teams in the state, there is no other competition at all for hockey fans. That is further eyes lost.
Whether the desire having that school pride, national marketability, and everything else that comes with possessing a NCAA D1 team is actually worthwhile financially is another matter entirely.