The Game Awards are not the industry's Oscar equivalent. They are more analogous to the Globes or Critics Choice, in that they arrive earlier in the season and are chosen by critics and pundits. Add in all the damn trailers and it's more of a marketing event than anything else.
Nothing wrong with that but they are not the prestigious show and organization they purport to be. Personally, I think they should let go of trying to have it all and just embrace what they actually are.