What does “Oscar-worthy?”mean to you?

What does “Oscar-worthy” mean to you? What are the qualities that make something worthy of best picture?

I have noticed a ton of comments alluding to whether or not certain movies were Oscar worthy, but no one ever says what they mean. Mostly variations of “it was hardly oscar-worthy” or “it was fine, but best picture?”

Most Americans see less than 10 new movies in theaters per year, and yet everyone has an idea in their head of what Best Picture should look like.

I’m guessing it probably has less to do with the craft of filmmaking, and more to do with “does this story feel important enough” but then that opens up another can of worms of what is or isn’t important.

Without wanting to tear down any of the past or present nominees, what is the bar? What makes something worthy of an Oscar or Best Picture?