Counterargument: I love it.
I'm 3 years out of residency, and I've narrowed my practice to inpatient L&D / outpatient family planning. L&D is never boring. There is always something going on, whether that be extremely acute patients with major medical issues, or weird husbands that make funny anecdotes, or just crazy birth stories. There's a lot of camaraderie on L&D, especially in the middle of the night.
Now, I'm not going in to deliver someone at 3 am and then having to be at clinic at 7:30 either. I don't have any clinic as part of my practice. That sounds miserable. I'm also good at sleeping whenever, wherever. My circadian rhythm and my sanity do not depend on me having a regular sleep schedule. Not true for all people.
Also, if you are just interested in L&D, there are plenty of hospitalist/laborist only type jobs. There will always be a need someone to take L&D call.