If I recall correctly, the Academy Awards were created in response to the Hollywood sex scandals of the 1920’s (Fatty Arbuckle, et al). In other words, it was to distract the public...not actually to honor the “great” films and actors. It’s all just a PR stunt.
The Oscars are fun if you are 12 years old. I grew up in the time of Audrey Hepburn & Cary Grant so it was good. Now? I haven’t bothered in ten years. May tune in this year to see if Benedict Cumberbatch blew his chance!