It is only going to get worse. Most of us who were young adults when the iPhone was announced are in our 40s now, and presbyopia is a real thing. In a few years my daily QOL will be better served by a bigger phone and I suspect many people around my age are feeling the same thing. The "small electronic accessory I bring around" niche will be filled by smartwatches.
[0] https://www.reddit.com/r/Android/comments/dijok5/is_there_a_... (how quaint the prices look, a mere 6 years on)