Most of the fun of the VGAs was that it was a televised event with actual celebrities yet was still bafflingly incompetent on every level. Having an online award show hosted by a guy who is paid to make fun of how terrible it is eliminates the one thing that made the VGAs worth watching in the first place.
Award shows are bullshit. All of them should be approached in this exact manner.
Oddly enough, it reminds me of the golden age of AOTS with Pereira and Munn. Yeah that's right, I called it the golden age. That show was genuinely good nerd bait, and boy did it suck after that.