Yeah they have been saying this for years but now E3 garners more live viewers than they ever have and it is open to the public. I believe there are like 60000 people who attend and everyone tunes in to see what is in store.
Needless to say i think you are wrong.
I definitely buy that E3 "isn't what it used to be", but gathering together to watch the press conferences (even if they're just video rundowns) is a thing the gaming community looks forward to more and more each year.
And a majority of Twitter follows of mine that went to the actual show (as industry, not public) seemed to have a good time. It's good that we have this stuff year-round now (PSX, quarterly Directs), but there's also benefit in having one week of captive attention.