It seems like the event is "Things that would have happened anyway, but now fall under our branding". I mean, 4 months is a long time and everything must be spread thin.
Despite how much we questioned how E3 handled their business, the conferences were so exciting and an actual event. They've given us so many moments. I'm not sure I'm thrilled about losing that. For me, the Game Awards are exciting not for the award winners, but for the new game announcements and trailers. It's like E3-2.
Personally how I'd like to Summer Games Fest handled in the future is everyone gets their own conference, gets to make all of their big announcements that the world tunes in for, the big "opening ceremony" if you will. Then it's followed by 4 months of deep dives into these announcements looking at giving people more information, gameplay, demos etc, then ending it with one big "closing ceremony" with some teases and other last minutes surprises.
I don't see how Summer Games Fest is anything more than a a glorified IGN, or of it's like, for 4 months of a year. Ready to be proved wrong, but it's coming across a little underwhelming.