I think it should at least be nominated, and I hope it wins. There's something to be said about the completion of the series; one looks at the entire story arc differently when you know the end is approaching. I think both Robert Jordan (and Brandon Sanderson) deserve the award, and the series deserves it for for the things it has accomplished.
First, the writers;
Robert Jordan's gifts come out with the completion of the series. He was always lauded for his world building and his strong female characters. What you can now appreciate is the skill in plotting, and the care he crafted his series with. The payoff came from Brandon, working with Jordan's notes and Team Jordan. As early as Book 1 you'll find hints, exact descriptions, and foreshadowing of things to come. It is even more impressive when you consider there was a 22 year span between the publication of the first and last book. As a writer, I bow my head at that type of foresight and discipline.
Another thing WoT does well is the accessibility into the genre. As a reader, I'm turned off by much of the terminology and naming conventions in the fantasy genre. A character's name with multiple apostrophes and hard consonants makes me put a book down. I don't want to waste time in a story trying to pronounce a name that can't be formed by a human tongue. There's also the time worn tropes of elves, dwarfs, and dragons. Thankfully, the WoT has none of those. It does have sword play, but even this is factored into the story arc. Part of the plot is taking the residents from Middle Age technology to the Industrial Age.
Many readers have gone from the WoT to other writers in the genre, and many writers who are now publishing will say, "When I was a kid, I saw this book. . ." and they'll be talking about the WoT. I am not ashamed to say Mr. Jordan re-ignited my desire to share stories with the hope they will have as much impact as his have.
Finally, the WoT is a good story. It has engaging characters, an immerseive world, grand scope, and does what a good story does: Leaves you wanting more. Think it's too much like Tolkien? Find a fantasy series in the late 20th century that doesn't borrow from the Grand Master. We might as well discount anything that copies the Hero's Journey after the Odyssey, since it's not original. Burn all the Dean Koontz books as well; he's too much like Stephen King.
Does it have faults? Sure. He could have easily cut/reduced/removed two plotlines, most notably the battle for the crown of Andor and the capture of Perrin's wife. But even these play into the final scenes of the book. Do the female characters sniff and straighten dress too much? Sure. Does that take away from what it has done for our industry? Hell no. If you're turned off by a story that has too many words, I feel bad for you.
More than the writers, the story deserves the honor. Name another series that was in development for over a third of a century, and pulls it off so well. The discipline, the planning, the care in editing, the consistency. I can't even conceive the thought of working on one story for 30 years, which is what Mr. Jordan did. His lovely wife, Harriet, deserves applause for continuing his work and guiding his vision. Once again, I'll say this; the story leaves you wanting more. But Harriet has taken the stance the main arc is all we'll see. In a world where we argue about the Expanded Universe, or parallel timelines, or re boots, I say thank you.
The WoT shows us a world where the right thing doesn't always happen, the good won't always survive, but it's not about the ending. It's about the journey, and the lessons we learn along the way. It's a place readers have returned to for 23 years, it's characters that we love, we hate, but that we come back to. For this, it deserves a Hugo.