No list is 100% objective, but if you look at actual game sales, Nintendo games tend to sell a whole lot. Like they basically dominate in the top 50 best selling games of all time. Now consider that this site is really console-centric instead of PC-centric (and forget about arcade games), and that weights things toward Nintendo even more.
Of course, I am also not sure how "the formula" works. What you might do is consider how "the formula" might be biased against multi-platform games. If one person says GTA V on PC only and another on PS4 only, then does that help GTA V move up in the ranking twice or once? That sort of thing.
Both votes would move GTA V up in the ranking. The way it is right now, it's pretty simple and it is how it's been since the event started back in 2010 - someone puts a game at #6, the game gets 6 points; someone puts a game at #48, the game gets 48 points; someone doesn't list a game, it gets 60 points. The points are then added up, and that's it. (Lower points being better in this case, of course.)
I am considering something a bit more 'advanced', that would change how many points a vote is worth depending on how many votes a game already has - meaning that, for games that have several votes, the average score per vote would become more important compared to just the raw amount of votes. I'm not really sure how to do that, though, but more importantly for now, I'm not yet sure if I want to.