alt Hacker NewsI suspect awards are one of the more profitable niches of the wider events industry.
They're cheaper to produce than a full-scale conference (needing just a 1 day hire of a hotel ballroom or similar) and are easy to sell - every business or team nominated for an award will pay for a table, as will various suppliers and vendors who see it as a great marketing opportunity.
I was at one committee meeting when the annual award ceremony came up. One person was considered for an award because she had a big family with many cousins and nieces. All the better to sell tables.