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Yes, the #Epiphany commemorates the visit of the magi (and, in some traditions, the Baptism of Our Lord and the Wedding at Cana as well), but no feast, especially not a principal feast, is solely about remembering an event.
#Epiphany is about a radical expansion of God's covenant, a reversal of Psalm 147's "He declares his word to Jacob, his statutes and his judgments to Israel. He has not done so to any other nation; to them he has not revealed his judgments."
#Epiphany is about gentiles being grafted onto the root of Israel, onto God's promise, as in Romans 11. It's a celebration of Christ the King, not just "of the Jews," as Pilate posted above the Cross, but of all the world.
#Epiphany is a fulfilment of Isaiah 9's "The people who walked in darkness have seen a great light," a recognition that the Christ is, as Simeon says in the Nunc Dimittis, "A light to lighten the Gentiles and [...] the glory of the people Israel."
If we are non-Jewish Christians, #Epiphany is a celebration that salvation is offered to us. If we profess that "Jesus is Lord," today is the commemoration of that. If Herod and Cesar are not Lord, today is a celebration of that.
And yes, #Epiphany is a day to remember that the magi visited the home of the toddler Jesus, gave some strange gifts, and defied Herod's power, but it's also much more. No feast is ever just what it says on the can.
