I'm not a fan of how that works. If they have a new version, I think it should be in consideration. In many award shows, a series can be nominated in consecutive years because the content is new.
The Academy Awards don't, and that's the "paradigm" that the GDA was (loosely) based on.
Just out of curiosity, though: do you have the same criticism of the MOTY awards on the Vault? I ask because I've updated my module series every year since release with significant new content, yet none of that work was ever considered either by the Vault or the AME except in the year of release.
I would certainly like to have a staff of scores of motivated AME members who are willing to evaluate not just each year's work, but all past years' work as well. In practice, though, that's just not feasible. I think that the most we'll ever be able to do is have one or two "special" categories (like a "lifetime achievement" award) that allow past years' works to be considered.