I was born in 1981. Up until my senior year of high school ('98-'99), I had never watched Iowa lose to Iowa State (I was 1 the last time Iowa State had beaten Iowa). That 1998 game was the greatest shock I had ever experienced watching a football game. We were literally like, "Is this even possible?"
Prior to 1998, it was Iowa State fans who wanted to end the series. Of course, those were the days before social media and rivals.com, so the only evidence is anecdotal. Still, many Iowa State fans I knew were tired of being a perennial joke and some actually thought if they could schedule a cupcake in place of Iowa it was possible they might get enough wins to make a bowl some season. Hawkeye fans, like me, loved the game because it was an automatic win, and it made scheduling tougher non-conference opponents less scary. (Yes, LC, I know Hayden bitched about the schedule when he first arrived. Still, several seasons after he took over, Iowa scheduled teams like Colorado, Oregon, Miami (FL), Tennessee, etc.)
To illustrate how different the rivalry was back in those days (the nineties), I remember being at an Iowa game (I believe they were getting blown out at home to Northwestern) in which Iowa State happened to be leading Nebraska at halftime. After the score was announced over the PA, there was a resounding gasp then loud cheers. (No, I don't believe it was because of Nebraska per se; I literally think Iowa fans were cheering on lovable little brother.) Something like that would not happen today (Iowa fans cheering on Iowa State potentially upsetting a blue blood), especially at a game Iowa was getting blown out in. Crazy.
Yes, even in those days, Iowa State fans collectively marched to the beat of the "F&#k the Hawks!" drum much like they do today, but there was a lot more civility back then, as Iowa State was literally viewed as "little brother," meaning they were looked upon with amusement instead of vitriol, and Iowa State fans...well, kinda knew their place.
Iowa vs. Iowa State in football is an actual rivalry today--something I didn't think was possible growing up. I do think the series needs to shift to a different format (e.g. two years home and home, two years off) so both schools have more flexibility scheduling, but to end the series now would be silly. Frankly, there are some Iowa fans who just need to get over the fact Iowa State has been reasonably competitive in this series, as going 5-12 vs. Iowa since 2003 is pretty darn good for them.
Conversely, Iowa State fans need to get over the fact this is the Hawkeye state and that the Clones will always play second fiddle here. Dumping the series won't change that. Sorry, Clone fans, it is what it is.