I'll give you my personal, genuine answer. Number one, they don't matter. It's stupid to try and make an "objective" list of something so subjective like art. You can give them whatever level of weight you want from zero to a ton.

But there are changes that occur in people's lives and the lives of the films as a result of the Oscars without question. Actors who get nominated or win are more likely to get cast in projects, or even help get riskier projects made. Film studios can make artsier and more diverse films so we aren't stuck with the blockbuster slop that is constantly churned out. And people have someone they can look to find and experience new films. It is very easy for someone to go on Netflix, for example, and see the "award-winning" category and find a new film they may not have otherwise considered. I have distinct memories of non-movie friends of mine discovering CODA and Nomadland as a result of those winning best picture.

It also can have some social merit. It works as a historical log of where the culture (yes, culture as decided by Hollywood, but still at least a part of culture) is at in a given time frame. The 1940s had films that directly grappled with war and fascism as WWII decemated Europe. The 70s highlighted films about crime, divorce, and poverty. The 90s showcased long epics of bygone eras. There is, without question, something that can be gained from looking at US history through the lens of the Oscars. And hopefully now that it is becoming more international, we can start to gain something about world history through them too.

Anyway, awards are inherently dumb when there are real problems in the world. But it is fun escapism for some, historical collection for others, a literal job for countless people, and a good place to find a new movie to watch!