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Two More Companies Skipping Out On E3 2023

The event known as E3 has been a statement event in the gaming community, but it looks like that title will soon be stripped out, as more and more companies either skip the event entirely or host an event of their own.
The latest companies to skip out on E3 2023 are SEGA and Level Infinite. Both companies have officially announced that they will not be exhibitor participants, but will be attending some events within E3 2023.
Here are a few words from SEGA:
“After careful consideration, we have decided not to participate in E3 2023 as an exhibitor,”
“We look forward to sharing more information on announced and unannounced projects in the future.”
Is the end for E3 near? Why do you think this happens?