For news articles which seem so much like satire that you're surprised they're not from The Onion.
We think Madame Web meets the basic requirements, but it might not have passed the Representation and Inclusion Standards (RAISE). As explained, these rules say “Best Picture nominees must meet extra standards for diversity and inclusion.” Other movies left out include Bird, Woman of the Year, Bad Boys: Ride or Die, and Mean Girls.
To save you the click
Here's a link to the standards: https://www.oscars.org/awards/representation-and-inclusion-standards
I've seen the movie and I think they meet 1/4. It's the other three concerning development and marketing they probably didn't meet. Note that they only need 2/4 to qualify.
I am not eligible for the US women's gymnastics team, but nobody seems to care about that. I'm an overweight 40+ year old man with no gymnastics experience, but the fact that only women are allowed on the team is the reason people should assume I'm not on the team.
I mean, even if nominated, did it have a snowball's chance in hell of winning?