You mentioned it, but the pandemic + the ability to stream smaller films at home has effectively killed the chances of smaller independent films making money for the time being regardless if it's enjoyable or depressing. Now, audiences only go to the theaters if they know it's going to provide an entertaining experience or spectacle. And this isn't only happening to "oscar bait" films. I wouldn't call The Northman an "oscar bait" film and yet it still underperformed. What's crazy is that a film like that probably could've made over $100 million in the 2000's.

But forcing audiences to slog through humorless, exhausting movies pushes people away and makes people question if the artform is even for them.

I don't think the academy is forcing people to watch a movie just because they nominated it but thode films clearly aren't for them if they can't sit through something like The Banshees of Inisherin or a slow burn character study like Tár. Not every movie these people watch has to be a simple crowd pleaser that doesn't force them to think. I'd also say that Banshees is more of a dark comedy or dramedy than outright depressing or exhausting.