Uh... two things... For one, "builders" is just a generic catch all title for owners, coaches, and general managers. It sounds better than calling it white guys in suits. Plenty of the coaches in the hall of fame have gotten in because of their coaching ability and not their team building ability (Pat Burns never coached anywhere longer than 4 seasons, and his one cup came in his first year with the franchise).
This is the actual description for the Hall of Fame's website (which I think it still hosted on Geocities): Coaching, managerial or executive ability, or ability in another significant off-ice role, sportsmanship, character and contributions to his or her organization or organizations and to the game of hockey in general. The criteria isn't strictly building something.
Also, while I wouldn't say the Predators had a "historically" significant team under his tenure, he built a very competitive program from the ground up there that had the unenviable task of competing against the dynasty era Red Wings.