If RE2 can anything can. Blood and Wine won best RPG the year it came out and as amazing as it is its still a DLC, so I see and take no issue with FF7 being eligible. Maybe dont give too much importance to GOTY awards and focus on more important things like... Playing Suikoden 2.
True, many outlets will give their own GOTY, but I think most people have their eyes on The Game Awards. And RE2 didn't win there. FFVII will most definitely be nominated, but winning at TGAs...probably not. But agreed, GOTY awards really mean nothing at the end of the day. i guess you get to gloat about it...and that's it. Everyone's got their own choices at the end of the day.