I'd be curious to know what your standard for excellence is insofar as movies are concerned. Bonnie and Clyde was nominated for 10 Academy Awards and won 2. Competition for Best Picture that year was stiff to say the least. In The Heat Of The Night won, besting Bonnie and Clyde, The Graduate and Guess Who's Coming To Dinner.
Roger Ebert, a respected and widely read critic, wrote a very positive review in September 1967 that began as follows:
"Bonnie and Clyde" is a milestone in the history of American movies, a work of truth and brilliance. It is also pitilessly cruel, filled with sympathy, nauseating, funny, heartbreaking, and astonishingly beautiful. If it does not seem that those words should be strung together, perhaps that is because movies do not very often reflect the full range of human life."