E3 has definitely taken a hit with the breakaway events particularly after Covid. Doesn't surprise me that companies want to do their own show - they are highly established to get media interest, don't have to share their show with anyone, can do as they wish plus they aren't under any time limitations. I still think these shows will exist for tradition but they will be sandwiched it between the standalone events which will become the showpiece for the media.
I tend to only watch the highlights or the standout trailers for these though as I don't have much time or patience to be sitting through all these presentations especially if its for games or devs I am not interested in.