As with most self-congratulatory inter-industry awards, the Oscars are mostly a joke. Obviously, lots of good films get recognition from The Academy but you can glance at the number of titles in any given year winning piles of Oscars and then disappearing into the mists of time because they were trash that hit all the buttons and played the game.
The most notorious of recent memory is Crash, a film you probably haven't heard of if you're just casually into film (or a sicko like me lol)