I do believe that there are other more important elements to your sound than a flat frequency response. Yes, boomy bass or harsh top-end is intolerable, but I would put soundstage, timing, coherence, dynamics, and musicality way above a flat frequency response in terms of desirability.
The attraction of aiming for a flat (or bespoke) frequency response is that it is entirely measurable and achievable for anyone via DSP, and largely component-independent if done electronically or through room correction. Fine-tuning it to perfection appeals particularly to those who like to measure stuff. The other audio nirvanas (soundstage, timing etc.) listed in my paragraph above are more component-dependent and not measurable and explain precisely why upgrading or changing equipment is the route most travelled.