Nintendo started that format. I blame them.
But it is probably not even the format(s) itself. Increased media training toned down humanness in speakers. eg Carmack always sounded like acknowledging difficult tasks and that some good stuff still was not as perfect as he wants it, while it is too much sunshine and rainbows talk even with games that don't turn out well at all. Openly critical talk was never usual though, so it is not really the best example of what went missing in the talking people. Then leaks destroy almost all surprises. There were always some rumours or speculative predictions, but now we often get exact schedules and specific title drops, screens, artwork or whatever. Partially even the shows announce their content in advance since without knowing what we will get, some would complain that title xyz hasn't appeared and that the show was shit because of that. I'd rather don't know anything before it starts and be thrilled by every first trailer scene, the studio logo and figuring out what is happening. Trailers are probably all quite high quality but in return nothing stands out anymore. Even mediocre stuff looks nice (even if faked. And a lot is spread out over every month too, making even the sorta E3-successor the VGA trailer parade, also not standing out that much. Those who don't get the bigger stage release theirs then of course in pockets where they are not overshadowed by all the other announcements.
Overall the games are probably better than ever, even if open world drowned other stuff and reduces quality quite a bit by its inherent bloated design, but excitement before a reveal shrunk and when even good games get review bombed or boycotted for nonsense or devs threatened on social media the fun factor in the whole games media discussion circus diminished.
It is disappointing, but teenage version of me would be envious about having a little sub fee for a huge collection, while struggling with the not owning bit, and also other stuff in the game themselves that should be more important than the accompanying celebration and hype. Maybe it is a good exchange.