Doesn't MTV still do movie awards? Oscars always seemed like high brow circle jerking to me and in retrospect has only ever been relevant to me because it was in the news cycle and therefore people talk about it - I have not ever once personally cared what an elite enjoys. There has always been room for a prole's choice award show.
I think its just that hit movies now a days usually have to fall into that super hero genre. Back in the day a movie like pulp fiction could make big money, or Forrest gump. You still could be a big hit and not be about superhero's or CGI fests.
Its always been a circle jerk, but I found back in the day there was at least films that entered the cultural zeitgest so there would be excitment. Add in the death of the "movie star" too. Movies aren't about the "star" anymore. Back in the day you had a guy like Tom Hanks who people saw as a STAR and he could draw at theaters and at the oscars. Now a days STARS aren't really draws in movies except for a rare 1 or 2.