I have no issue with Hollywood honoring itself. It is all part of the business of entertainment. Also, these movie studios are investing many millions of dollars into the films, and deserve the chance to shout about, and celebrate their creations. Plus, these awards also bring the calibre of films up as they wouldn't want to win awards for "worst" categories.
Validation of talent is required in any field in order to promote it and make it flourish. Hence, if Hollywood chooses to honor itself and its actors/directors, there is nothing wrong with it as it is just a validation of their talent; without which, there would be a drop in morale.
Just because some people are struggling shouldn't have any thing to do with other people not being able to enjoy their success. I think its a good time to bring certain issues to light to make people more conscious of struggles in our nation but that is sort of the way our country is set up, some with struggle others will not.
No, I think that Hollywood should not celebrate itself while many people are struggling to make a life. It is time for austerity even in the entertainment industry. Many people cannot afford even the ticket for entering the cinema and watch a movie therefore movies stars should adapt theimself with the common folks.