Hobey tends to get simplified as "best player in college hockey" but there are some subjective components to it:
Hobey Baker Award: History, winners, selection process
As mentioned, the Hobey voters seemingly like to vote for an upperclassman if they can unless there's just somebody who puts up a ridiculous season.
Here's a blip from when Will Butcher won it:
Voting for a graduating senior seems like a consideration even though most fans wouldn't care. It's funny, Vesey had a better statistical season as a junior but won Hobey as a senior.
Average fan maybe gets the Hobey Baker muddled with the award for "best NHL prospect." But nobody considered Will Butcher a better prospect than say Clayton Keller who wasn't a Hobey finalist as a freshman in 2017.
I've probably spent a little too much time recently trying to temper some posters' expectations for recent Hobey winner Dryden McKay on the main boards. Some thought he'd get fast tracked to an NHL spot but it's looking more likely that he'll have to work his way up from the ECHL next season.