I am not convinced that such a design is as a result of some kind of "morphing" that's any different from a regular step blend.
Recreating the exact same shape however is going to be difficult without knowing where all the anchors in the original are placed, but just as an example here is at least the beginnings of a similar shape:
You could spend hours trying to recreate something which might actually be the result of a happy accident. Rather than just copy it, why not try to create your own happy accident? One way to do so is to use the Curvature Tool to edit the blend lines after you have made the step blend. I have found that adding extra anchors helps with creases, folds and overlaps to give that "fuller" look you are after.