I'm a relative newbie, having hidden 20 caches and hosted 6 events so maybe my perspective is a bit more neutral as my badges were not directly affected by this change, but to me the change makes sense.
An event is not a cache. I'm not saying it is less valuable, but rather that it is a different kettle of fish altogether. An event does not require ongoing maintenance, nor can it be found at any time other than the date of the event itself.
Personally speaking, splitting Events and Caches out into two separate badges is a sensible idea.