I'm sure millions of people feel as you do and there are a lot more options and channels to watch on TV these days.
Today the average person doesn't view "movie stars" as being extraordinary or magical. Quite a few of us believe we're just one viral YouTube video away from becoming stars ourselves! LOL!
Although there are many folks who still idolize stars and make it a practice to keep up with what is going on in their personal lives as well as their careers the "aura of magic" is no longer there.
Historically people were also heavily invested in rooting for their favorite movie or actor to win an award. Today we realize that studios campaign and run ads to get Academy members to vote for their movies or stars. They spend millions of dollars in advertising in industry trade newspapers such as Hollywood Reporter and Daily Variety. Essentially it's a another political election!
In fact the "For your consideration" ads start appearing in newspapers and trades to get actors and movies nominated!
The best run campaign produces a winner over merit and there are always "sentimental favorites" awarded for their career efforts.
If it wasn't for the entertainment factors including live performances of songs and jokes being told along with "red carpet" fashions, watching the Oscars would be equivalent to watching any other industry/company hand out their annual awards for "top sales rep" or whatever "merit award" that are often given out.
People however don't live vicariously through the "average Joe".