I tend to agree with James Berardinelli's take on the declining ratings from last year:
I can’t argue with the statement that Parasite deserved Best Picture. I would have said the same about 1917, The Irishman, Once Upon a Time, or Joker. But the “Best Picture” category has never been fully about merit. It’s about celebrating cinema and, on that level, Parasite falls short. Why? Because hardly anyone has seen it. For 2019, it ended up at #70 on the box office chart with a domestic gross of $35M. To be fair, that’s an incredible haul for a subtitled movie and indicates it had some penetration into multiplexes. Nevertheless, Joe Mainstream or Jane Mainstream probably didn’t see it. And that’s where the Oscars’ continuing problem lies. Think back to the ‘90s and titles like Dances with Wolves, The Silence of the Lambs, Unforgiven, Schindler’s List, Forrest Gump, Braveheart, Titanic. Those were excellent movies that everyone saw. They were worthy of the Best Picture designation. In the 2010s, however, there have been The King’s Speech, The Artist, Birdman, Spotlight, Moonlight, The Shape of Water, and now Parasite. It’s not a matter of quality, it’s a matter of perception. And the perception is that the Oscars have become elitist, losing touch with “regular” movie-goers.