Mankind thrives on competition. We are driven to push ourselves ever further during times of opposition. We frequently perform our accomplishments with recognition from none but ourselves. However, awards are a great way to recognize those that stand out from the pack. When we recognize the achievements of those individuals who excel beyond their peers, we set higher standard for those peers to reach for.
Awards are definitely worth the hype. Awards are a recognition of someone or a piece of work that deserves to be praised. They also give people motivation to do better. You always hear about people working harder so they can win an award and be recognized by people or their peers.
It is sad to think that people want to achieve something great not because it will make them happy but because they expect fame, money, rewards that are not intrinsic. Sure we have to live, and to do that we need money. But to achieve something should not be because you expect to be rewarded. It should be within yourself to feel great when you achieve something. When you die, your awards won't mean anything to you because you'll be dead.
Some awards are worth it because they are given to a person or group that has done wonderful, beneficial things, but the amount of "who cares" does nothing but grow. Awards themselves are turning into college bowl games, a lot of them only exist for marketing purposes. Nobody cares if you win the Bob's House Of Tires Bowl and nobody cares if you win an award that's irrelevant either.