What is the purpose of the oscars?

1.) Is beauty objective/subjective? What's the point of "objective" award ceremonies for entertainment such as this one

2.) Do the Oscars help at the box office? Is it merely to celebrate "art for art's sake" honoring the "finest achievements" in filmmaking during last year or something? If the best picture or whatever doesn't even garner success/box office success, does this all awarding brouhaha matters or it's just for mere vanity?

3.) Do you feel like you're wasting your time EVEN tuning by half to award ceremonies like these? What do these things even mean objectively speaking?