There is a reason why Epson doing that. It’s simply because its printer head. It will be damaged if it print without ink, so it has to ensure your printer still have ink. Hence, early declaration of empty cartridge is necessary, although you and me hate it.

Second question, the answer is yes. There is a chip resetter. This device will reset your cartridge chip to be full again and your printer will continue to print. However and this is important, your cartridge will be empty while your chip say full. When this happened, your printer will keep printing with empty cartridge. Guess what, your printer head will be damaged.
The cost of printer head is too expensive to repair.

So you have to be careful and fully understand on what you are doing.

Last, as usual, do it at your own risk. You have been warned.