This is actually a new Nobel Prize. Oscars of Science is the best thing that has happened and therefore we have to embrace it and support it. This is so because, Science is so special and has made life easier to an extend that we understand various existing things in nature.
People like to win awards. People in science should be recognized for what they do. Yes, movies can change lives, but science can change lives by inventing new technologies and medicines that make life better. Everyone wants to say that they won an Oscar, so this is a positive way to honor scientists.
A lot of money has been put into the so-called "Oscars of Science" which does give it a lot of weight. However the wider public will take a lot longer to learn about it and understand it. I really don't think there is any need to try and upstage the Nobels, but that is what appears to be happening. The wider public may also reject the fact that this is trying to elevate scientists to rockstar status, that is not what science is about.
The Oscars of Science is not a new Nobel prize. Part of this is because the Nobel prize is a long-established award that is highly acclaimed and sought after. The Oscars of Science is a new concept, thus making it less desirable and also less prestigious. Perhaps over time it could come to compete with the Nobel prize for importance, but for the time being it does not even compare.