Sure. It's impossible to escape isn't it? I love films, always have, but an Academy Award is everything it says on the box and nothing much beyond it, in much the same way Sundance, Cannes, Berlin, etc, work. Broken down, the Oscars is a heavily commercialised, self-congratulatory ceremony that entices studios to spend millions on publicists and Best "X" campaigns, causing films to be written, produced, shot, edited, released and promoted for the cache of winning an Oscar (the Weinstein Company/Miramax made millions pandering to it, and Shakespeare in Love was the result. Yeah, that film was definitely better than The Thin Red Line (my favourite Malick film), Life is Beautiful and Saving Private Ryan (one of my favourite Spielberg films)). Nothing wrong with that, but I can't pretend it's not that, either.
Some of my favourite, all-time, most life-changing films have never won an Oscar (or an award of any kind). Sentimentality aside, I mostly watch it because I love seeing filmmakers celebrated. As a gauge for films that resonate into and beyond the zeitgeist they're created in, not so much.
*I did a little edit there.