If you're upset that the average consumer won't be able to shoot something of that quality with their iPhone, you've got to fix your expectations. The average consumer won't even have the editing skills to pull that off, let alone any of the other myriad of tools required to turn recorded footage into a high quality production. As long as they only used iPhones, I don't think it's misleading at all to say it's shot on an iPhone.

A master at their craft doesn't need the best equipment to do their job well. Similarly, the average person won't magically be able to produce outstanding results just because you give them an expensive camera. If anything, the fact that the event was shot on an iPhone is Apple taking aim at content creators and marketing the iPhone to them as an alternative to expensive camera equipment.