Well, GMs agree on a draw well before it actually gets down to insufficient material. Many draws-by-agreement would degenerate into that if they kept playing.
Well yeah, they usually do that, but draws by insufficient material still happen pretty frequently. Also, king vs. king is not the only way it can end; you'll see king vs. king and knight (or bishop) pop up pretty often too.
Here's one: https://www.chess.com/events/2022-tata-steel-chess-tournamen...
Draws by insufficient material are quite common, but I wouldn't call them the bane of modern chess, or anything close to that.