"Award Winning"

I have been thinking about this quite a lot for a few days. We always say this is an "Award Winning" theatre, actor, software, restaurant, ....
Isn't this a misnomer? How can something be winning an award. You either are going to win an award or you have already have won it. The only time that you are winning it is when you are physically receiving the award and after that you have been awarded something. Also, being awarded something is nothing to brag about as it is history. It is not necessary that you are as good as you are at the time that you were awarded whatever. It is just the expectation/anticipation that you might be as good as that time. It is synonymous to the concept that once a rich man, who is now a pauper, requests a loan from the bank based on the fact that he was once a rich man. Imagine him saying, "I am an award winning rich man, therefore, kindly lend a loan of Rs. 10,00,000/-". It is certainly not going to work.