The Oscars are fine as long as you realize what their audience is. Effete retirees who have been watching films for decades. People who want films that are smart but not challenging and cover familiar history and their own politics.
Completely wrong.
I know a few voting Academy members. As an aging and arguably "effete" observer myself, I assure you they are not in or near my cohort.

(They are pretty damn white, though.)
And suggesting in one paragraph that the Academy favors "unchallenging" entertainment and in the next that there should be another awards show servicing the fans of low-aiming pre-fab adventure flicks is pretty ridiculous.
Anyway...there are already several of those. It's just that no one makes a big deal over them because giving an award to a trivial movie doesn't elevate its prestige a damn bit.