A champion college team earns recognition and respect from their school and classmates (on the whole). They are typically held in high regard for the year and announced with their title during home games, etc. They are a part of something "bigger" because they have gained additional fame through their performances at sporting events. They are on tv more because their games and competitions are televised. It brings honor to the school, so it is appreciated at some capacity, by a larger community. Outside of that school community, there is a cheer community that brings another circle of fans.
Allstar world champions are also celebrated and recognized, but the glory and victory seems a bit more compartmentalized. Not everyone recognizes that Gym A from their town is a world champion. They are more likely to know that the cheerleading team for their beloved hometown college team is a national champion. Now in the cheer community, it seems that the allstar following is a bit more fanatical. So while the cheer community following may be more intense, it is one less circle of recognition.
I understand that there are exceptions to everything I stated above. In fact, in some situations it may be entirely opposite. However, this is what my personal observations have been.
*Case in point, think Louisville Cheer Calendars and how well they sell.