The gift, definitely. Wrapping is an esoteric skill akin to folding a fitted sheet.
I get really excited when something I wrap looks nice, but mostly because with my hands it's a rarity
I so rarely wrap anymore. I buy cheap gift bags, a bit of tissue paper, and let it go. The gift bags are reuseable too.
Ultimately, for me, it is the gift that matters. Now, with that said, if I am giving a "special" gift, I will try my best to make the package look as amazing as possible.
Well said.
Thank you, @Lyricalfrog