Sounds ridiculously cynical, and that's coming from a cynic.
Suppose someone had the idea to make a movie about some historical event that he really thinks is a story that needs to be told. If he's a reasonably well-connected director/producer, he'll certainly be able to get some top-name stars to be in the movie. There is Zero chance that he can make this movie without people crying "Oscar Bait!"
To me, Oscar Bait sounds like specifically making a movie in order to grab Oscars. He couldn't, you know, just want to make a movie, right?