Well, speaking as one of the handful on here that actually enjoys watching The Oscars I can say the comedy angle is a huge element of it that people do like, cringeworthy jokes.
Everybody expects this. These people know they are massively overpaid and they know it and attendance at the Oscars has a certain risk involved, as far as piss taking. The actors "normally" take it in good faith, it goes with being rich and famous. They dont have to attend but they know that their ego will force them to be there. Which in itself is quite funny.
Anyway, not the Oscars but John Cleese made my favourite acceptance speech;