Cover letters are a waste of time

Why are employers still asking for cover letters? I feel like nobody reads them yet they expect me to crank out 3 paragraphs about “why I want to work for you.” If ATS is scanning my resume, and I’m qualified, but nobody reads or cares about my cover letter, what’s the point? Honestly, I search for jobs on LinkedIn and filter “easy apply”. If the “easy apply” questions ask me to write a cover letter, I’m out and skip that application. I have a marketing and design portfolio that I can share so that speaks for itself. If you are a recruiter, do you require cover letters and if you do, why?