The importance of noise cancelling is not really related to further boosting sound quality. All it is about is reduction of the ambient noise – typically in very noisy environments like airplane or train. So it does improve (or partly restore) the sound quality, but only when it is adversely affected by external environment in the first place.
It is important technology because it somewhat increases the size of headphone market – for example my wife doesn’t listen to music but she uses NC headphones just to reduce the noise.
The price vs normal headphones is higher because of microphones and electronics involved in noise cancelling, which normal headphones don’t have.