It seems not just Sony, but Intel Amazon and Facebook https://www.theverge.com/2020/2/10/21131118/mwc-2020-coronavirus-intel-sony-amazon-cancel

I bet others will follow 

also another news, prepare yourself 

EDIT: Capcom and Square - Enix also canceling event to Corona Virus 

They have nothing to show. This is an end of an era of PlayStation dominance.

⚠️ MILD WARN: No need to bait with the clear OP

Tell that to facebook and Amazon as well. I bet another major company will follow this. It's also difficult for them because they already pay the money to the EO (initial payment) because they already book place and stand. But health concern is the super top priority. Prevention is much cheaper than curing.     

The Amazon stuff are from World Mobile Congress Event news. https://www.theverge.com/2020/2/10/21131118/mwc-2020-coronavirus-intel-sony-amazon-cancel

I imagine they'll take advantage of the opportunity to do more of the reveal(s) in their own, tightly controlled environment.  No need to risk technical difficulties if you can just do it with pre-recorded videos.  No need to risk a bumbling a 90 minute stage show at E3, hundreds of miles from your headquarters, when you can do a 45 minute event for hand picked press, at your own facility, on a date that you choose.  

As to whether that's better for us gamers, I don't know.  It probably means more news trickles in at random times, rather than the big dumps of info that usual come with these conferences and trade shows.  It's maybe less exciting for us, but we'll still get to see everything.  I have a hunch that we'll be waiting longer to hear real details that we otherwise would though, especially if these companies have real concerns about their ability to get the new consoles to market on time.  It's the same kind of thing there - why commit to a date 4-5 months in advance, when you can just wait until you're more confident in your ability to pull off a smooth launch.  

I dont knooooow. I'm thinking behind the scenes PS5 issues causing delays and SONY finding a scapegoat. That is LOT of marketing opportunities down the drain.

Just do a PlayStation Direct.

My guess, and it is just a guess, is that they're hedging here.  They are setting up a scapegoat just in case they need one.  Also, it is likely true to some extent that the virus is concerning them.  It may well impact their ability to launch the console this holiday.  If it does, then nobody can act surprised that it doesn't launch in all regions, or is super supply-constrained, or even gets pushed to 2021.  If it doesn't, then great - Sony pulled off the launch even with the virus making things harder.  

The only real downside I can see for Sony is if the virus fizzles out, doesn't impact the fall launches, MS pushes full steam ahead on their reveals, with all of the expected marketing events and the hype they bring, while Sony misses out on those opportunities.  But, I think that stuff is more important for XB right now than PS.  So, I don't think it would be devastating for Sony even if it went that way. 

Just Skip PS5 and go straight to PS9.

Because the virus already spreading outside China