It's a Coen Brothers movie about movies set in the 50s.
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Because it stinks. I'm not crying, you fool, I'm laughing! Hewwo.
are you joking or being serious? If serious, It's because it's garbage. all of it from casting to writing to the concept. if different directing, may be better. but it's at most an average concept.
It made NBR's Top Ten Films list, which is often more interesting selection than Best Picture nominations anyway.
Honestly I wish it was nominated instead of La La Land which almost does the same thing but it feels lacking where Hail, Caesar shines.