How come Lorenzo's Oil (1992) never went on to be a great classic?

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Movie Forums Squirrel Jumper
The movie was great and one of the best movies I have ever seen. I feel it's one of the best based on a true story movies ever made, but never went on to be a great classic like other based on true story dramas have. I think it's right up there with Schindler's List probably as far as historical dramas go.

But it was never even nominated for best picture even, even though it was nominated for best original screenplay.

So why didn't this movie go on to be a classic and instead a lost gem, which my friends and my generation hasn't heard of, it seems?