It's been that time for years. But it's easier said than done. The closest we've currently got are the various phone-targeted Linux distros out there. But they're not quite ready for serious usage for me; at least not on the Pinephone. Still, that's where to put your time & money if you're serious about wanting a change.
PPpro was mismanaged especially badly. Nothing against the amazing community- it's just there were some hardware/firmware decisions by pine that made it especially hard to develop for. Meanwhile, the non-pro version is handicapped by a very slow processor.
There's still some development happening, and the window managers like KDE are still improving stuff on the front end. But you're right, it has slowed down. That all said, this is still the only non-Google/Apple device you can get in the USA that actually kinda works. I used both the non-pro and pro versions for a few months a couple years ago as my daily driver. I could make calls, send texts, connect to matrix, etc. I wouldn't claim that "it just worked" but it did work.
This is true for both the engineering and business sides. Cyanogen’s failure showed that it ultimately doesn’t matter how good your software product is if your business side of things is poorly run. Same with the Pebble smartwatch - amazing product, terrible back office.
You forgot Librem 5.
And while efforts like Pinephone are good, they don't have the VC or talent to really make that a reality anytime soon on a massive scale. Most efforts in this space are open source which is great but doesn't really pay anything. People with these skills can easily work at any phone OEM and make good money. So I think it will take a massive company to do it. Maybe Microsoft wants to give it another go haha. Amazon has tried multiple times to make this a reality but it's just cost so much money and time that they keep shutting it down.
I don't have any answers, for something to become viable is has to appeal to the average consumer and getting to that point is like crossing a mountain.
This isn't the closest, since we have Purism Librem 5 phone, which many people (including me) are using as a daily driver.