I'm imagining that this city was something akin to Byzantium, but before Byzantium.

It was obviously a target, but so was Byzantium for what I suspect are similar reasons. Location, location, location.

Except it seems the Greeks sacked it not for location, but maybe because it was a powerhouse. Or maybe it was because of location and we just don't have the evidence to tell us why. Maybe they were blockading a grain supply. I have no idea.

However... assuming Troy was a big player in the Mediterranean and Black Sea at the time it was around, how important could it have been in the Bronze Age before it fell?

I know the Minoans were already wiped out by the time Troy was around, and the Phoenicians were starting to pick up. So there was some trade outside of Troy. However, Troy would have seen the likes of the Minoans and witnessed the transition from Minoan power to Phoenician power.

On another note. Why do we not see Troy power rise (edit: as a region)? Were they not partial to either the Greeks, Phoenicians, or Minoans? Were they there own separate entity? What of the Lydians(/Hittites?)?