When they started the MVP award, the purpose was to recognize not the best player in baseball, but the most valuable player for a particular team. Many players have been overlooked by fans because they were doing the little things that are not obvious to fans, but were vital to a particular team. The guy that got on base so that the home run hitter could drive them in. The guy that consistently got the game winning hit. The little shortstop that prevented runs from scoring.
Personally, I think that voters seldom voted for those guys anyway. They would make it more equitable if they just made the Cy Young aware for the best pitcher (which they mostly have) and the other award (under any name) for the best position player.
But then, what would the talk radio and reporters have to talk about?