E3 was only a huge thing for about 12 years, it started declining after the Wii and PS3 launched and really started declining when Nintendo stopped having their big presentation there in 2013 followed by Sony in 2019 (and others around 2013 and after).
COVID-19 just accelerated a dying show. Without it, I still doubt E3 could've survived the 2020s.
Lifetime Sales Predictions
Switch: 161 million (was 73 million, then 96 million, then 113 million, then 125 million, then 144 million, then 151 million, then 156 million)
PS5: 115 million (was 105 million) Xbox Series S/X: 48 million (was 60 million, then 67 million, then 57 million)
PS4: 120 mil (was 100 then 130 million, then 122 million) Xbox One: 51 mil (was 50 then 55 mil)
3DS: 75.5 mil (was 73, then 77 million)
"Let go your earthly tether, enter the void, empty and become wind." - Guru Laghima