There is a very good reason to study end games: at a certain level of proficiency, one cannot expect to deliver many more Morphy-style knockout blows, because one's opponents no longer make the sort of positional errors Morphy’s opponents made, where Morphy was in his element and which made his knockout blows possible.
Studying end games is necessary to reach the next level of proficiency, because knowing which end games are winnable tells you when to trade down in the middle game (after Morphy-style knockouts are no longer on the board).
It is a less spectacular way to win than the Morphy-style knockout blow, but it does bring a different kind of satisfaction. I dare say, any 2400+ player today would have mopped the floor with Morphy.
One comes to appreciate the power and the weakness of the minor pieces in particular when the position is reduced to just minor pieces and a few pawns. Good knight vs. bad bishop endings were a revelation to me, for example.
This requires putting in some study. Yup, it’s boring, but it pays off in the end (game).