I have been doing originals for most of the last 27 years, and will continue to do them. It's a way to keep me from killing myself or someone else.
Well, the last line was a bit dramatic, but I took a year or so off in my late-20s and my wife was the one who told me to get back into a band - she said I was getting 'weirder than usual.'
Personally, I don't care what people think of the songs I write and release. I have, for the most part, always held that view - one of the many reasons why my success (as defined in the popular vernacular) has been limited. If I didn't feel like playing out, I didn't worry about it - just stay in the studio. And, vice versa.
At this point in my life, I like to play out every once in a while. I have started to see the live show as more than just the music - working projectors and props into the stage show (often times without other band members knowing about it beforehand). But, it is not something that drives me. The creative outlet is the necessary aspect for me. Even if we do covers, I enjoy tearing them apart and then putting them back together in odd ways.
I do not enjoy loading/unloading/setting up equipment. I did the tour-in-a-van thing many years ago, and have no interest in going back to that.
Having said the above, though, I realize that my views are that - mine. And, each person approaches things in their own ways.
I enjoy seeing people playing covers, still enjoy watching younger musicians run around the stage and play way too loud (just like I used to), and also know a number of "older" guys still going out and performing originals - and still holding onto the dream of being able to make a living on their music. It is all good, as far as I am concerned, and I get new ideas from just every type of musician I see.
I also understand where the OP is coming from... When I was in my early-20s, we were looking for a new guitar player. One guy showed up to try out who was in his mid-40s. Long, greying hair, still wearing the tight denim jeans and denim jacket... playing Kiss on his Les Paul, with way more enjoyment, than I thought he should be getting from it.
We played with him for thirty minutes or so, and hung out a bit. Nice guy, but in my head I was thinking, "I think this guy should be dead - not trying out for my band."
I was young, drunk much more often than I should have been, and thought I knew a lot more about things, in general, than I actually did.
I am now that "old" dude. The first band I played with when I moved south was a five-piece, original rock band. There was me, and then four other people (kids) who ranged in age from 18 to 24. I had a great time. It made me feel more alive to be around that energy again.
But, when they wanted to practice three times a week, and travel for shows, etc., I had to move along. They were great, but I have all the trappings that middle-class life brings with it (not complaining), and not enough energy to manage those things _and_ playing three or four times a week with people half my age. I can keep up mentally, but the physical will just isn't there these days.
Not everyone will agree with my take, and not everyone was an much of an idiot as I was in my teens and twenties, but that's what makes things interesting - the different views and how each of us communicate and apply them. That's what I tell myself, anyway, and - to this point - it's worked out Ok.