COVID-19 did in E3 2020, but the ESA is not ready to throw in the towel just yet for good. They have announced plans that E3 2021 is in the works.
According to Gamesindustry.biz, the ESA shared news with its partners that E3 2021 June 15 to 17. Even though no live event will be held this year, the ESA are “exploring options with [their] members to coordinate an online experience to showcase industry announcements and news in June 2020.”
So life goes on for E3, in some capacity or another. Either way, if an E3 2021 does take place, there should be plenty of games to showcase on fancy new consoles.