However, from what I've read, the basic meaning seems to be "one's standing in the community". If my dignatis were great, then more weight would be put on my opinion - I would gain greater clout in society.
If this were all that dignitas consisted of, it wouldn't be that impressive a virtue. But the important issue here is how dignitas was gained. It could be gained by achievement (e.g. military victory), but also by the way a person embodied a range of virtues in the service of the state:
Dignitas and auctoritas were the end result of displaying the values of the ideal Roman and the service of the state in the forms of priesthoods, military positions, and magistracies. Dignitas was reputation for worth, honor and esteem. Thus, a Roman who displayed their gravitas, constantia [perseverence], fides [trustworthiness], pietas and other values becoming a Roman would possess dignitas among their peers. Similarly, through this path, a Roman could earn auctoritas (“prestige and respect”).
So your dignitas was not only a product of holding high office, but was also an estimation of your character as a Roman in successfully discharging your public duties.
Noble Romans did not want to suffer a blow or loss to their dignitas. That seems to have represented something like the loss of one's good name, or the loss of face, or the loss of honour. In that sense, self-worth was tied closely to dignitas.
So how then are we to assess the Roman virtue of dignitas? Seen from the world of today it has one great advantage. In today's world people try to make themselves superior in their social standing by adopting politically correct beliefs. Intellectuals are often the worst offenders here: they tend to believe that by following a liberal political orthodoxy that they stand above the crowd in their moral and social status.
But that is not only a cheap and easy way to chase distinction, it also tends to corrode society over time - it is an anti-public service (a public disservice).
In Roman times, there was at least some connection between social distinction and the cultivation of character - and that is the aspect of dignitas that we need most to restore.