Spike TV is owned and operated by MTV. That pretty much says it all.
I have no problems with Bioshock getting GOTY. Personally, I wasn't that impressed because it was very much a clone of System Shock 2, but I also understand that not all that many people played System Shock 2 and most don't realize how similar it is. To those who missed that original experience, Bioshock was something truly original. It's a great game anyway, even if not all that special when compared to its predecessor. I don't have a problem with it winning, but because SMG wasn't even present on the list I simply don't care about the list.
The gaming media is geared towards the hardcore teenage males. There is nothing really surprising in this, and we have all known it for years. While their awards may mean something to that select crowd, as we can see from the nifty sales website we are on, they don't mean much in the industry. Wii Sports didn't get any GOTY awards in 2006, but you can bet it will be remembered long after people have forgotten about GeoW, Oblivion, and Twilight Princess (the games that did receive most of the awards).
