Why is e3 not exciting anymore?

[tiamat999]

During the ps2 era e3 was great now they hype up any little system update they can

 

[FAST6191]

The downfall of E3 is a topic probably worth exploring in depth, however it was likely a bunch of things

Devs and publishers seemed to realise that spending probably a week, maybe two in the hideously expensive and hard to get to/park in part of LA was less and less worth the effort. Doubly so if you are competing with everybody else also trying to get their stuff out into the world.
Advancements in streaming and video and news meant you could get much the same results without the effort -- I could make a pro grade video of an early game build and have it out there tomorrow, and your studio probably includes some failed video makers anyway. Cast your mind back to 2004 and if instead I have to hit up IGN, gametrailers and so forth and hope people have WMV player or real or quicktime or just upload a MPG... and if you wanted to do streaming in 2004 you better have a real budget and a lot of people.
If you did want to put the effort in then you could do your own conference -- Blizzard, Valve, Quake/ID all being some of the first to do stuff here. Some might look at what Nintendo are doing with directs/treehouse/whatever it is called this minute but I would say don't consider that for too long.
Other conferences grew as well, in Europe (Gamescom primarily) and in Japan (Tokyo game show) too. Equally other more general conferences and related conferences got some stuff.
One would have to at least pause to consider MS and their showcasing the xbox not at E3 but at other shows, CES (a then and still massive electronics/computer/entertainment show) being the first public one. E3 was still a part of the launch but it was not where it broke.
I forget which year it was but there seemed to be complaints from devs and such that too many randoms were getting in (your job in the industry could apparently mean you were a sales clerk, maybe store manager, in gamestop -- no purchasing decisions would be made by you either way). Next year was locked down and was disastrous. I stopped caring so much about then. Technically it did get better the year after but the damage was done for a lot of people.
Even without that E3 is still something of the news event for people that care about investing in game companies and other such things without following games fully. Devs and publishers know this and have to play to it, this is why you get long segments dedicated to whatever shiny bauble they hope is going to be big for a while, or at least be a profitable fad, (I have been reading articles of late about the death of "smart" watches where they were crazy popular for a hot moment). Assuming sports games set to dance music where your pulse is monitored are not your thing (statistically if you are here asking this it is not) then you have a lot of boredom to contend with, and that is before they start touting the ability to watch streamed video that anybody with a hacked xbox could pull off over a decade ago and your PC for longer still, and more reliably (and possibly cheaply) today.
You grew up a bit and developed the ability to see blatant and not so blatant advertising, realised what awful scripting and delivery half these people have and maybe also gained a shorter attention span or otherwise achieved saturation in your game news.
Game release times changed a bit. September through December, well late November, is still massively important but that has slowly crept both ways. Hype for a game 8 months away is hard to do right.