It's been so many years since I watched the Oscars that I'm not sure what year the last time was. I am sure it was on a CRT TV, it might have been in the 1990s. So I'm not one of the millions that have given up recently. But I know why the ratings plummeted. I'd lay it all out if it hadn't already been done, and done better, by a YouTuber I follow called The Critical Drinker.
The Critical Drinker reviews movies. It's harsh, honest, insightful commentary and I recommend him over many of the movies he comments on. Here's his observations on the Oscars and what's gone wrong with moviemaking. Language warning in advance.