It's already dead, please leave the corpse alone.
It is kinda sad given the legacy of the show, it almost made it to 30 and was the place of so many big industry moments (good and bad). Things have become more spread out now across GamesCom, PAXs, TGS, GDC, Develop and the many I'm forgetting.
I can get the argument that we really don't need much of an in-person event given that stuff can be streamed instantly around the world now, we don't need to rely on people setting up cameras in front of TVs to show off noisy gameplay footage, but the fact that so many others shows still exist proves that there is a want for in-person events.
E3's death kinda came about because it got chipped away from all sides. There were better places for industry deal making to be done (GDC), Big publishers peeled off to do their own thing, and the expensive mark up that hit the other companies no longer appealed as they could get what they needed from PAX and GamesCom.