Conway's Game of Life (GoL) provides a clear demonstration that simple rules can lead to complex behavior. The complex behavior is deep in the sense that Conway's GoL is Turing Complete [0].
The local update rules provide an analogy to our universe with a kind of built in "speed of light" of how fast information can propagate in the system. Further, since there is a system clock of sorts, the system is massively parallel with further analogies to our universe.
The game looks like a toy but note that many profound models are also "toy-like". Ising systems, precolation models, Bethe lattices, self avoiding walks, etc. all provide seeding grounds for deep insights into our physical world. Just as an aside, I heard a quote, which I can't find anywhere, about how Maxwell playing with magnets could have been considered him playing with frivolous toys but his setup was critical to him figuring out the underlying mechanics of electromagnetism.
On one hand, I sort of agree that there's a lot of uninteresting exploration but on the other hand, taking a step back, GoL research is exploring the more general space of cellular automata and how it could potentially map to real world simulation. For example, how small can a system be before it can do arbitrary computation? Can all patterns emerge eventually (no, garden of eden style patterns)? What do rotationally invariant patterns looks like? Can you "copy" arbitrary patterns from some setup? If so, how fast? Is it dependent on how big it is, or how complex it is? etc. GoL provides a sandbox in order to answer these questions and potentially give insight into other systems as well.
In my opinion, one of the reasons for the popularity of GoL is because it was created right when computers became commodities, allowing hackers, amateur mathematicians and others to program something simple, that could be heavily optimized for limited hardware, and create intricate and complex behavior. There was a quote somewhere, that I'm also having trouble finding, about how, at one point, GoL simulations accounted for a significant portion of wasted compute.
[0] https://en.wikipedia.org/wiki/Conway%27s_Game_of_Life#Undeci...