I agree that it should be, but I don't know if it's popular enough to be in the "indie canon". When I think of Indie Canon, I think of: Aeroplane over the Sea, Boxer, For Emma... etc. You know, albums that everybody who follows the Indie-music scene even remotely, will instantly recognize.
I don't know if this actually had a big enough impact to justify a rank among those albums. It's in my personal canon for sure.