MVP is an award for community contributions. That's it. It shouldn't guarantee a DBA job any more than spending time at Toastmasters should. It's about how much you share with the community, not what technical level you're at. I often say it's an award to talking too much.
But you can't just "talk" off the top of your head and get this award. People have to find what you say valuable, which means you have to be providing "accurate" answers more often than not, etc... So it does at least imply a certain level of competency.
Besides which perception matters as much as anything in job hunting. If Microsoft thinks you are a Most Valuable Professional for the community then it would make sense to me as a hiring manager that you would be at the very least a valuable addition to my team.
The larger point is that some people WANTthere to be some shortcut way of telling who is an expert in a field. Because of this they will look for some simple way of designating some people as such, so no matter if you want it to or not (and regardless of the accuracy of the perception) MVP has a certain career value among a sub set of the population.