All the big big big industry awards are
not
important.
They're a lot of other things (ego, self-flattery, marketing tactic) but they're not intrinsically important to the craft or the profession itself.
Just schmaltz. Some awards-giving bodies are just little soap-operas behind the scenes; connivers & arse-rimmers exchanging favor-for-favor.
Scarfing down free lunches and slurping down free booze (the Golden Globes are the worst for this, as I recall).
If you're in any doubt as to what I've just described, there's no end of sources which can confirm what I've stated.
However film festivals are another thing altogether. Yes –some festivals can exhibit some of the same flouncing, preening, pomposity.
But there's a lot of festivals too, which provide genuine opportunities to aspiring talents. Workshops, and networking, resources; and learning the business.
Festivals are a good thing.
Paul P. Powell, Pool Player

They can be good to bring attention to good movies that have been overlooked by the public. That's probably the main reason Hollywood has award ceremonies. It brings in extra money.

They are the only thing keeping Hollywood even attempting to make a couple good movies a year. Without them Hollywood would just be making superhero and animated trash.

They aren't. They are almost always movies 90% of the population hasn't seen or even heard of.
My password is password.