Nabobs's Historical Significance. With roots in India's British colonial past, the term "nabob" has historical significance. Originally used to characterize powerful & affluent people who brought their fsatta.kingortunes from India back to Britain, nabobs came to represent both luxury and moral ambiguity. Rummy Nabob has an engaging storyline because of the way the strategic gameplay of rummy is contrasted with the luxurious lifestyle of nabobs. In addition to being a player in the game, Rummy Nabob is a metaphor for a person who skillfully and ambitiously negotiates challenging social situations in real life.