The Academy of Motion Picture Arts and Sciences and the Academy Awards were a publicity ploy started during the time when the future of many in the motion picture industry was uncertain because the silent film era was ending. One need only look at its founders to understand this. They were all bigs in silent films. Over time, due to a confluence of events, them importance of the Oscars was way over inflated. Notice how today they are gradually waning because the events that gave them birth and sustained them have largely ended.
Most of the best movies now don’t come from Hollywood.