There is so much time, effort, and physical waste that is generated by slightly redesigning phones every year purely for the sake of making sales (as opposed to meaningful improvement upon the existing design or introduction of a new hardware feature). Think not only of people upgrading for the sake of it, but all of the cases, screen protectors, and other assorted accessories cast in plastic for previous models that are garbage now.
It would be nice if we could just space these things out to 5 years or so now, because that's probably how long it takes for anything to change enough to justify a new model.
With yearly, incremental releases, people will evaluate what's new from their phone and most people will update on their own cycle, probably every few or several years.
Meanwhile, with gaming console "generational" releases every few years, that is a strong incentive for everyone to upgrade.
If I have a 3 year old phone which I'm on the fence about updating, then I might pass on this year's model and go for next year's. But if there won't be another phone for 3 more years I guess I might as well get this one.