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.
If you work in software, think of it as normal SDLC versus once-a-decade waterfall style total respec and rebuild. Which is more efficient?
It also spreads demand more consistently, rather than having 90% of demand landing in the first year and 10% spread over the next four. What would that mean for production capacity?
Continuous processes beat batch processes every time. See also: Tesla’s ideas about model years.