Not really surprising. The people who directly profit from E3 are the organisers and the media from covering content where people click on articles to read it. For exhibitors it is insanely expensive marketing requiring weeks and weeks of planning, not to mention the disruption of moving key management and developers to L.A. to be paraded on stage like lions in a zoo.
I can't imagine anything more frustrating if you are a senior dev, project manger or producer than trying to finish a project, than having to fly to L.A. to spend 14 hours a day for most of a week giving the same talk to endless media.