If Import animation is not enabled then morph targets will not be imported even if the model has them.

Importing an asset with morph targets enabled, but with import animation disabled does not import morph targets.

Note: if you open the asset and press re import the asset's blend shapes will reimport.
This issue is a regression from 4.14

1. Open a blank project
2. Import the attached FBX asset
3. Ensure Import morphtargets is enabled
4. Ensure "Import animation" is disabled
5. Open skelmesh in persona
   Result
   No morph targets are imported

Morph Target import with fbx BUG

UE4.15 Morph Targets Not Imported