It's not just a fun and games session where the internet stars get to perform their work live, but it's also a gathering and discussion of internet culture. How do people get famous, why and whether it is sustainable?
For far too long, the main studios have been in control of who we see on our tellys and cinema. People who are extremely talented but sadly did not win the attractiveness lottery, seem to somehow be sidelined. Of course, there are exceptions to the rule (can't actually think of any so far, drop me a comment if you can come up with an example), but the internet has changed all of this.
By word-of-mouth, these amazingly talented, funny, articulate and interesting people, who may never have been given the light of day by a major recording studio, now get a chance to voice their talents to the world. And this convention, is a suitable tribute to their success.