Quick reminder what we had 15 years ago: a single camera on the back, 128 MB ram and samsung processors in the iphone.
I know people who are still perfectly happy with 7+-year-old iPhones. The limiting factor for many people is not processor speed or RAM or storage space, but the lack of OS updates (especially security updates).
(Certainly those other things are limiting factors for some people, but I don't think it's anywhere near as common as it is for the HN crowd. And the storage space issue can be solved with a microSD card slot, which, sadly, few phones include these days.)