Maybe I've grown cynical, but I don't see much benefit in any of the festivals to begin with, except maybe the first year Egg Festival for purchasing Strawberries to increase your total cash when you roll into Summer, and the first year fall festival for the Stardrop. Maybe Luau if you care about building relationships with the townsfolk.
Everything else is simply a waste of time. The 5k from the golden pumpkin in the totally-not-halloween event is a mere drop in the bucket by the time the end of Fall comes around, even in the first year. After that, it's even more insignificant compared to the millions per month you are bringing in just from your greenhouse alone. The spring dance is just cringe level high-school dating antics and has always been my least favorite of the festivals. The Moon Jellies is at least hauntingly beautiful... the first time you see it. The fiftieth time, however, the enchantment palls.
The two most valuable resources in Stardew Valley are Time and Endurance, and festivals eat up a bunch of time you could be using to do more productive things. There's no gifting at festivals, and chatting people up doesn't count for relationship purposes, so there's not even any point in going to them to socialize.
For me to be interested in festivals again, there would need to be a massive overhaul in how they function and operate, from Year One onward. New events after the second year would be, at best, a temporary stopgap measure.
