It's not a very fair list. You have to look at what these films were up against to see if they "deserved it or not"
1. Shawshank Redemption - was beaten by Forrest Gump in 1995 and nobody was stopping Gump that year. Pulp Fiction was also in the running.
2. It's a Wonderful Life which is famous mostly because it was shown every Christmas by a zillion channels (because it was copyright free at the time) was rightly trounced in 1946 by one of the great post-war dramas ever The Best Years of Our Lives
3.E.T. was beaten in 1983 by Gandhi although E.T was the better film IMO. But Oscar loves it's epics.
4. 2001 was indeed robbed. It wasn't even nominated in 1969 and the Oscar went to Oliver! which is one of the worst Best Pics ever.
5. The Great Escapealso wasn't nominated the year it came out. Best Pic was Tom Jones which was also pretty good. I consider that a wash.
6. The Wizard of Oz is one of the all-time greats but it was up against Gone With the Wind , and was nominated in the same year with Stagecoach, Wuthering Heights, Ninotchka, Dark Victory, Goodbye Mr. Chips, Of Mice and Men and Mr.Smith Goes To Washington. Any one of these could have been Best Picture in a different year.
7. Some Like it Hot wasn't nominated the year it came out which is a travesty but does anyone really think it deserved to beat out the epic of all epics, Ben-Hur?
8. The Color Purple may have been better than 1986 winner Out of Africa but neither IMO was as good as Witness which was also nominated that year.
9. Raiders of the Lost Ark was IMO the Best Pic of 1982 and belongs since it lost to Chariots of Fire, a film most memorable for the Vangelis score and not the movie itself.
10. Psycho wasn't nominated (though Hitchcock was for Director) in 1960 and The Apartment won. I agree there. Psycho is now almost as influential as Citizen Kane (which also didn't get a Best Picture Oscar) while The Apartment seems dated.
But still the list is arbitrary to the extreme. The quality of the film has nothing to do with if it wins or not - the culture of the time, Hollywood politics (Shakespeare in Love over Private Ryan?) and the competition of that year plays a huge part. As I said anyone of the films that went against GWTW including Oz would have won in any other year.
And oh yeah, I love IMDB. All this useless trivia at my fingertips.