It's not even Kanye's most influential album. That award goes to College Dropout or even 808's. I will agree that Late Registration is possibly his best effort, but definitely no Chronic. Chronic was a cultural phenomenon in Hip Hop. That album pretty much jump started Death Row and was the foundation for Snoop as well as Dr. Dre as a solo artist. That album was pretty much "the sound" after it dropped. Everybody from OutKast to Biggie cited that album as an influence to their debut, which were also classic. Late Registration isn't even in the same realm in terms of significance and importance. The only thing that could be argued in LR's favor is quality.
As far as Kanye, he was one of the more influential producers of last decade, but definitely not MOST influential. There were several producers more influential than Kanye last decade.
Kanye and Late Registration are being overrated here.