The Game Awards are another attempt by the video gaming industry to put together a respectable awards show. Spike and some other biased publications tried the Video Game Awards before but those were damaged by poor awards themselves that lacked professionalism as well as over the top schtick for television purposes. The new Game Awards seem much more professional.
In this day and age there are awards for almost everything. I don't think there is any determination that we can deem a certain awards show relevant when most people would argue that the relevancy of awards shows are questionable. It is always nice to give credit where credit is due and show appreciation for someone's work in a specific field.
As consumers we buy games and that, among other things like how it's perceived before and after launch, will determine its success. That plays a huge role in what awards the game will get and if there's enough popularity behind a game, chances are it will be nominated for in an award show. In my opinion it's always nice to hear about your favorite game(s) winning awards so you can brag about it to your friends and peers alike, it also makes you feel better about investing into the game. The gamers determine how well a game will be received and that in turn affects what games will be in the game awards.
Started in 2014, The Game Awards are a chance to celebrate top games and introduce new titles. But with only a year of experience and exposure, the Games remain somewhat unknown. At this time, Top 10 lists from prominent gaming sites and the Spike Awards are much more widely read, watched, and referenced in gaming journalism. With time, The Game Awards will prove itself relevant or simply fade away.