The introduction of a new gen was never held back by events focusing on previous gen consoles.
Not holding a PSX this year? Ok. Not even being at E3? That's not ok.
I can get they not doing a press conference, but not being there altogether? It just doesn't make sense. If MS has enough stuff to show at E3, Sony has have at least as much.
They got to be preparing something (not PS5 related) next year, otherwise, missing E3 just doesn't make sense.
First break the news of no e3 next year now on the back of an already great year.
Then at PSX in december on the 25th anniversary of the PlayStation..... announce the PS5. Show the console, new controller talk up features and show tell the world how in march 2020 its going to be released along with TLOU2 as a launch title, Ghosts and death stranding to follow in the fall.....etc.
And they would have pretty much just won the next gen before it starts too.