Meryl has tons of nominations ahead of her. Maybe another weak year will pop up eventually. She'll be getting a lifetime achievement award eventually regardless.
What's most important is that Viola has gotten all this recognition. Her name is OUT there, people know and love her. She can get more work which will lead to more nominations.
Best Cinematography - The Tree of Life ✖ WON Hugo
Best Art Direction - Hugo ✔
Best Costume Design - Hugo ✖ WON The Artist
Best Makeup - Iron Lady ✔
Best Foreign Language Film - A Separation ✔
Best Supporting Actress - Octavia Spencer ✔
Best Editing - The Artist ✖ WON The Girl With The Dragon Tattoo
Best Sound Editing - Hugo ✔
Best Sound Mixing - Hugo ✔
Documentary Feature - Pina ✖ WON Undefeated
Animated Feature - Rango ✔
Best Visual Effects - Hugo ✔
Best Supporting Actor - Christopher Plummer ✔
Best Original Score - The Artist ✔
Best Original Song - A Man or Muppet ✔
Best Adapted Screenplay - The Descendants ✔
Best Original Screenplay - Midnight In Paris ✔
Live Action Short - Time Freak ✖ WON The Shore
Documentary Short - An Incident in New Baghdad ✖ WON Saving Face
Animated Short - A Morning Stroll ✖ WON The Fantastic Flying Books
Best Direction - Michel Hazanavicius - The Artist ✔
Best Actor - Jean Dujardin ✔
Best Actress - Viola Davis ✖ WON Meryl Streep
Best Picture - The Artist ✔