And why is that?
Well if you're just talking about a games show in general, it wouldn't offer anything any more to anyone who would watch it. You can play other people online, you can watch clips on Youtube and you can read up to date news, previews and reviews online.
Also the kind of games you'd get today just wouldn't be conducive to watching. Back then you'd have challenges for games like Super Mario Bros 3, Lotus Challenge, Street Fighter, Bomberman, Goldeneye...
Now what? Most games are too complicated just to put in front of some kid off the street and most people are only interested in the latest FIFA, COD or GTA. How do you do a worthwhile challenge?
Companies also might not be too fond of the idea of their games being butchered by people who don't know how to play.