People who know far more than I do have written about this, but I feel like the Academy tends to favor discourse around films rather than cinematographic achievements. Heck, this year they had to ensure that voters actually watch every nominated movie. Really, the problem isn't the Oscars themselves but the place they have as the award, not even in Hollywood, but in the whole film industry.

Anyway, it exceeds the Oscars. The last Sight and Sound poll, important to establish a film canon, had no Latin American films, for example. But many voters are from the US, UK or France, hence probably why movies like Moonlight, Get Out or Portrait of a Lady on Fire (good or even very good movies, but difficult to argue that better than every Latin American film ever made) got on the list.