I was never a great fan of the Oscars in that it's always been something like the entertainment industry's version of a high school popularity contest (I fully understand why George C. Scott declined his award), though they're obviously much worse now thanks to leftist ideology and the "Oscars Too White" crap.
Nobel Prizes in the hard sciences (physics, chemistry, etc) are still legitimate, and that they are awarded for achievements that can be objectively evaluated.
The Nobel Peace prize was always politicized and largely useless, while the Nobel Prize in literature is too subjective to be taken seriously, e.g. why didn't Cormack McCarthy ever win a Nobel Prize in Literature, while Bob Dylan did win for writing gibberish lyrics?