Not surprising after PAX.
I do wonder if this is going to change how they formally show off the PS5. I would imagine an actual PS Meeting show will be off the cards now. SoP I suppose.
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.