To people that hate Chicago School Economics and know a little bit about how the "Nobel Memorial Prize in Economic Sciences" came in to being, it will always lack legitimacy. Just because you don't like, know or accept that doesn't mean you have to imagine it is any different.
Your analogy with the Oscars is spurious. If Nobel wanted a prize in economics, tiddlywinks, synchronised swimming, aromatherapy or anything else he probably would have mentioned it in his will. Economics existed in the days before he popped his clogs so he could have had a prize for it if he wanted, but he didn't. Sometimes you have got to respect a man's will, not twist it into something it isn't. That is dishonourable.
As for the Oscars, technology changes and the "Best Animated Feature" award is there to recognise those CGI extravaganzas - nobody can really argue with that. They haven't branched out and given an extra Oscar for "Best Economist in a Government Think Tank" or anything weird like that, have they?
Allegedly members of the Nobel family have called for the joke that is the "Nobel Memorial Prize in Economic Sciences" to be stopped, I guess they have had a bit longer to think about it than you have.