I liked the days when I had a soft proof done and I calibrated my monitor to it. There's nothing stopping you from doing that now, but it would only work if you were always preparing jobs for one press. If you had three jobs, one for sheetfed coated, one for a web press, and one for news print, you'd quickly run into a mess because you'd have to change the profile of your monitor every time you worked on a file—those three press conditions will produce different color from the same values. CMYK profiles also have some subtlties that you can't acheive by adjusting your monitor. Modern profiles will show the difference between blacks with different amounts of CMY in them, or different ink sets—no amount of monitor adjusting will show those differences. Here are different blacks for uncoated. The preview shows what would happen on press with different CMY amounts. This is why ID flattens out your grayscales because black only on press is never absolute black:
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