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The games that I enjoy to watch, play in and run myself are focused on the players first, the game second and then the audience some distant third.
The fun about streamed games is the aspect of sharing and learning from each other. That doesn't take an audience of many.

I've found everyone is a little more 'on' when it is a streamed game, on average, and that is a thing I do like, as well. We get together for 2-3h of a focused activity. That doesn't mean it can't be chill or that it has to be all about the extroverted acting performance towards an audience. My current streamed game of Monsterhearts 2 is like that and the game is a brilliant experience.

And personally, I don't care much for over-emoting/riffing for an audience while over-emoting because you are muted on cam and you are cheering your fellow player on is just so much fun (to watch)! It's a big difference and the game being played factors hugely into this.