The cynical way to read it is as a consolation prize. You could also argue it 'dilutes' the glory of SOTY.
But those views assume that achievement and recognition are exhaustible resources, like trying to fight over one pie, when in reality it's more like a potluck. The more, the merrier. The network effect. The more everyone gets their shine, the brighter the whole culture is.
POTY would not be 1/2 of a spotlight. More like 1x2.
In fact, for 2020 there should be a whole skate oscars. The Phelpers.