I like watching it. But i like to see the faves I played throughout the year get recognition and hear a little bit from the Devs when they receive the awards. Announcements are a bonus for me. Plus I prefer to watch things fully even if they had already passed rather than just looking up the winners (in the case of the game awards). It would be like being into a sport but just looking up the results the next morning instead. I prefer to watch the full game unknowing of the outcome, and I take that mentality with me with both award shows (that i care about) and even Nintendo directs and it's counterparts (which admittedly the game awards is half of)
The main problem with the Steam awards is that they don't respect the actual release dates. For example, Red Dead Redemption 2, a 2018 game (or a 2019 game if you go by PC only) was named the Steam GOTY in 2020.
Steam also had little to offer in the years that were heavy on Epic exclusives and great games like Kena or Control, resulting in it being hard to think up a nominee.
Moreover, if I remember correctly, they also bar prior winners from their "most supported game" type category, which makes no sense because some games, like Euro Truck Simulator 2, get regular content and technical updates to this day. On the other hand, The Witcher 3 recently won in a category despite having been untouched for years.
I've never watched game awards. I don't even know if there is even a main one. Watches speeches is boring which is why I don't watch award shows in general.
Only goty I care about is the goty edition where the game releases with all the DLCs bundled at a discount.
Last year's TGA was somewhat exciting because they gave away a bunch of Steam Decks. I normally just see the winners posted the next morning, along with any new game trailers.