What is the significance of writing it as $\frac{1}{4\pi \epsilon _0}$? Why not just name the whole thing $\epsilon _0$? And if there is a significance, why not do the same thing for gravitation?
I suspect that writing it in terms of $\pi$ has something to do with the interpretation of the inverse square laws fields as something spreading out uniformly in 3D space (in the form of an expanding sphere), but I don't know much about how that interpretation works. But then again, why not do it for gravitation as it also obeys an inverse square law?