The decision to stop after V1 is not one to be taken lightly but if you know that the A/C will not fly (Wing fallen off) surely its better to go off the end of the runway at 40 knots rather than hit the block of flats 1 mile on at 140 knots.
As Checkboard points out that the regulators assume engine failure.
So V1 guarantees that if you have had an engine failure and decided to stop by V1 you will have sufficient stopway ahead. Beyond V1 the correct descision may be to stop but there are no guarantees as to what happens next.
Just thought- Emerald 748 at STN couple of years ago, Catastrophic failure of No2 Engine and Massive Fire. Already Airborne landed straight ahead everyone walked away. Job Done (pitty about the drainage ditch in the overrun)