If everyone gets a reward, is the reward less important?

I guess it depends.

If you are on the receiving end, you should be proud and celebrate. I know somewhere deep inside you will feel like it does not matter, like you are not truly the one whose work is being rewarded here, like it is not important. In fact, it is. Do make it count.

If you are on the giving end, you should probably ask some questions. What are we trying to achieve? Was there unfairness we are trying to remedy to? Is this a sufficient way to do that? What message are we sending? What are we going to do with the expectation we are now creating? How will we identify top performance going forward? Do we even care?

Reward is a beautiful way for companies to tell their people they have noticed and they care. Make sure it is understood.