I don't think anything is wrong with the Awards, although the suggestion of having best new product in each category is a great one.
There is such as thing as the British (or French or German or whatever) Audio Industry. "The industry" consists of manufacturers, dealers, press, and consumers based in that country. It also includes imported products that are either sold at local dealers, or which are popular locally. It is an ecosystem in which businesses are competing, but also collaborating to market the whole industry. Many are just plain trying to survive another month.
WHF is a for-profit media site that covers the British audio Industry. Why is it so hard for everyone to get their heads around that? They know what people are buying, and where the money is flowing. They have advertisers and they have to survive in an industry where most publications are dying.
In the software industry, where I work, we spend a lot of time trying to get the local industry publications in each country to give us awards - and they try to get us to buy advertising. The trade publications do a lot of marketing for the industry as a whole, and thus for its biggest players. If no one buys adverts, the publications die, and it becomes that much harder to market your products. So we never were offered an award or good review, but we understood that to expect to be considered for an award, we couldn't just buy nothing, do our own marketing, and throw up a website. If you want an industry award, you need to at least participate in the industry, right?
That said, I NEVER believed we were buying an award - and a lot of the time, we spent and still didn't get the award (ESPECIALLY the British ones, you'll be proud to note). As an industry publication aimed at consumers, I find it rather amazing that WHF has been able to give ratings AT ALL and still survive - everyone else giving ratings is either behind a paywall (like Which in the UK or Consumer Reports in the US) or has become a smaller, niche website (like Stereophile). It's so risky to give anything but a 5* review to the big boys that it just isn't worth it.
Frankly, talking about all this like it is some kind of conspiracy theory is just dumb. Within the bounds of reality for an industry-promoting "magazine" in 2020, WHF is pretty good . We're here, right? This forum is paid for by advertising. I have seen some pretty harsh takes on these forums - surely the advertisers would prefer it censored.
You shouldn't buy any audio product without looking at it from many perspectives. WHF is one, and it's one of the best precisely because it isn't like the others, filled with graphs and esoterica. The fact that readers might still have to use their brains a slight amount, even after they have seen how many stars it got, does not make it a bad site. It does not make the reviews dishonest. And guess what? Since almost every product they review is sold at a British dealer, if you think they have it wrong, you can go down and hear for yourself! You can get the Truth and then come to THEIR forum and tell the world how biased they are. For free.