Marketing tool to promote sales. Just like most speciality magazines and on-line reviewers. Shiny and new turns old therefore reinvigorate sales through award shows and hall of fames.
Real musicians don't need "awards."
Some interesting news on Carol Kaye turning down the invite for the next R&R HOF awards.
Carol Kaye ’declining’ Rock & Roll Hall of Fame induction
Good on Carol for keeping her integrity as a musician.
R&R HOF is a goofy production for "entertainers" especially the last few decades.