Repeating an old post of mine.
No matter how much people may loathe the Oscars, it has 80+ years of history awarding excellence in cinema. It may not be a perfect system, but it is and has always been the most prestigious one.
It is easy for viewers to dismiss the Academy Awards, but for a person working in the film fraternity it's a symbol of merit for all their hard work and composed art.
Of course if a movie is universally loved and has been a financial success, it may seem sufficient; but winning and even being nominated for an Academy Award is a badge of honor which further validates their talent.
Most cast and crew members secretly covet the Oscar, but few will openly admit to that fact.
Unlike the Golden Globe Awards which has usually less than 100 members from the Hollywood Foreign Press Association voting for the nominees, the Academy Awards are chosen by over 5000 voting members.
Surely favoritism or being biased against someone might exist among a small group of people, but that doesn't really hold good during decision making under such a large collective of voters.
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