Given that a major theme of this book is the slow death of the publishing industry, and the somewhat quicker death of the literature publishing industry, it's not surprising that most nominees would be doomed to failure, with only the winner having any kind of success. Whether that's realistic or not, I'm not sure.
You'd assume that someone who's been writing long enough and well enough to see four different nominations for the most prestigious award in the country would enjoy some degree of success. But his lack of success at least makes sense thematically, consistent with the rest of the story.