The woman who the Barbie doll is named after is shocked and Greta Gerwig weren't nominated for Academy Awards ... and she doesn't understand the snubs.

Barbara Handler, whose mother Ruth created the famous toy and named it after her, tells TMZ ... she saw the "Barbie" movie twice and loved it even more the second time, and she feels there's something wrong about Margot and Greta not getting Oscar nominations.

While "Barbie" is up for Best Picture, Margot is not among the Lead Actress nominees and Greta didn't make the cut as one of the five Best Director nominees ... and folks are pissed.

Barbara tells us she's sorry Margot and Greta aren't getting the recognition they deserve ... she feels they both should be rewarded for their work on the flick -- because it was genuinely fantastic. Frankly, there are many who agree ... objectively, 'Barbie' was well done.

Now, while Margot and Greta got the cold shoulder -- there are two acting nominees who emerged from "Barbie" .

.. and are up for Best Supporting Actor and Actress ... and as we mentioned, the movie is nominated for Best Picture.

Barbara says "Barbie" should win 'cause it was super popular and made a ton of $$$ at the box office. That's not always how the Academy sees it, of course, but that's how BH feels.

Remember ... Barbara's late mother is the woman who created the Barbie and Ken dolls ... naming the Barbie doll after her and the Ken doll after Barbara's late brother.

Barbara says her mom would have been thrilled the movie is nominated for best picture .

.. and she's sad Ruth isn't around to see the 'Barbie' movie phenomenon.

On the issue of snubs, though ... Barbara sounds about as upset as everyone else.