I used to have a Pixel 5. As somebody who uses phones minimally (<10 min average screentime per day), but still wants utilities beyond a feature phone for special use cases (maps, translate, digital tickets, public transport, NFC payments), it was about as small as I needed it to be to tuck it away in my pocket for the whole day. It was also quite a nice form factor with a black stone-like back case, which didn't seem to scuff or attract fingerprints.
I had two of them. The first one lasted 2 years before the battery swelled up and I had to dispose of it. Google replaced it for free with another. Then eventually Google Pay stopped being supported on the second, since it was a few years beyond security updates.
After that I found no alternative within the Android ecosystem. I don't want to get into Apple products (despite minimal use, I did have the phone customised so that it was stripped bare in terms of apps and notifications, and had a launcher which I preferred over Google's native design), and every tech blog talking about small phones led back to Pixel 5, or one of the ones just after which was also out of sale and security coverage.
Even though they are sold at profit, I get the feeling phones are viewed by the industry as vehicles. Get one with a big screen into peoples hands, then keep riding on the payments for games, movies, TV and web browsing that follows that. As somebody who never used my phone for any of these things, I'm clearly not important to the market for the one-off payment of a new phone every 5/6 years.