It's no secret that the Academy is very distanced from what the general public wants to see, and it's even less of a secret that they prefer to give their little golden men to whatever studios had the best campaign strategy over which ones actually deserved to win.
Now here's the thing, if the Academy did go ahead and hand their awards out to the objectively best of the 400 something films that had their premiere in a Los Angeles movie theater within the calendar year, then a majority of those nominees would be foreign and indie films the average person would never have even heard of. You can't draw viewers in to watch the ceremony if it's full of something they can't relate to.
On the other end, if the Academy was like the People's Choice Awards, and only awarded popular movies for the sake of their popularity, then we won't be giving out awards based on artistic merit, just pandering to audiences. That's why Black Panther and Green Book each won as many as three Oscars, none of which were deserved.
Thus, I propose that the Academy finds a compromise between the two, so that they're awarding films that both deserve the honor and are widely well-known. With a *better* version of the most recent nominees created, I set some guidelines so that the popular films are guaranteed representation, such as the film must have grossed over $25,000,000, and that at least half the total nominees must have grossed over $100,000,000. As it turns out, the compromise is indeed possible!