Eh, E3 isn't really unique in this, they stole the idea from tech and car shows, which is pretty much the same thing: give out awards for who has the prettiest concept, prototype, presentation, etc.Hero in a half shell said:This is like judging a food awards competition while all the chefs are still in the kitchen cooking their meals.
"Gordon Ramsay's cheese grating technique is top notch, let's award him with 'best bolognaise'."
We have very little idea how any of these games actually play or will perform. To hand out awards like "Best RPG", "Best Hardware" and "Best Multiplayer" when virtually all of these are very much still in the development phase is quite ridiculous. Any of these games could completely fail to deliver. In fact some of them probably will.
It makes sense the way it was originally used, magazines and websites would name promising upcoming games and present awards based on what looked best at the show, it pretty much was an award for having a good reveal/presentation. And that was it, the company gets some recognition, the magazines display the titles they think their readers should keep their eyes on, and everyone forgot about it beyond basically ranking what was shown at the expo.
Then, somewhere in the last 5-7 years, advertising companies started putting the awards in the advertisements for the games themselves, some sticking E3 awards on the game boxes or as part of commercials, leading to those ridiculous splash screens, "OVER 350 E3 awards!!!!", basically hyping up the awards from, "we had a cool reveal that critics liked at the last E3" to "yeah this award basically means we are Game of the Year before release". The awards themselves aren't the problem, giving out acknowledgement for having a good reveal/presentation is a good way to spread the word on the product, companies acting like an E3 award is the equivalent to good review scores before release have twisted it into basically prerelease hype.