I suppose the other problem with Game of the Year awards is that it's kind of a joke, anyway. Like, if you get a Grammy, it actually means something, since there's one award in each category and it's clearly the most prestigious award. If you see a CD for sale and it won a Grammy, you might still dislike it, but at least it tells you that it really stood out in a certain area that year. Similarly with Oscars for movies - if it won a best actor award, you might still not like the film, but it probably does at least have a pretty good performance from that actor.
Whereas in video games, there's 5000 sites that all give Game of the Year awards, and none of them are predominant. The standards vary tremendously, and what it results in is 4000 games each year that win a Game of the Year award. 3000 of those will come out with some sort of Game of the Year Edition or packaging for retail the next year (if they still sell at retail, anyway), and thus by spring of next year, half the 2014 games you'd see for sale would be "Game of the Year". It dilutes any real meaning from the term, and as a result all it means is "at least one writer from publication with a decent readerbase thought our game was good." Take my Civ3 box. It says "GAME OF THE YEAR" in big letters at the top, with five stars below it, and only below there who it's from - Computer Games Magazine, Computer Gaming World, and Next Generation. Essentially it's handpicked reviews used for marketing purposes, with no real distinguishing factors. Whether any of those sites truly researched all the 2001 games well and came to an unbiased conclusion that Civ3 was the best, I have no idea.
And while Joe Schmoe can make a Best Films of 2014 list and nominate one as Film of the Year, since there's some standard award (the Oscars), at least films don't try to all put Film of the Year on the packaging and make the awards useless in the process. Sure, they might put a few choice clips from reviews on the back, but the awards aren't so watered down as in gaming.
Not to claim that the Oscars and Grammys are perfect - far from it. In many ways it is still a popularity contest, much like most Game of the Year awards are. If the game industry could come up with an even better system, that would really reward good games and not just good-and-popular games, that would be great. But as it is, for all the flaws of the music/film industry's awards system, it's still way better than the haphazard system the games industry has, and as long as the games industry continues to award Game of the Year awards in such a fashion, it's really something that should be taken with a giant grain of salt.