Somnid mentioned how Google and Apple no longer attend E3 and CES as a sign that "these shows no longer matter" and that it's best to have your own. These are a TERRIBLE comparison because they're not at all what Nintendo has been doing recently. Each of these companies hosts their own major press conference on a big stage with a large media presence. Let's compare!
BUILD, IO, WWDC, and Re:Invent are developer conferences. I would argue Nintendo could use one of these. They are events to engage the development communities. They are also yearly.
Nintendo Direct is bi-monthly most of the time and it's to engage consumers, not technical people. They don't care to have sales numbers and PR lines stuffed down their throats, it's not the place for that. It's a very different sort of thing but the main point I was making is that if you drop the serious money it takes to rent an auditorium and make a big presentation you should have a stage and attention to yourself, not that ND is a substitute for all sorts of engagements.