E3 is finally dead after more than two decades
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There is two parts to this story. Yes, the big names really don't need E3 anymore. Nintendo tends to be the company that moves first, and they have been doing events for a game and traveling shows after the big announcement. Regular announcements are Directs.
The company that owned E3 sold it to the company that owns PAX, Comic Con -literally owns the rights to the word-, and some smaller events. They even have a show in Germany. E3 is basically the biggest problem from turning these other events into bigger names. So, they bought it and shut it down.