ink it's more that you don't feel you actually need the improvements, because current phones are pretty damned good.
But there are still significant improvements IMO, cameras are still getting better, phones get better water and dust resistance, and the SOC still get better at conserving power while having high performance. Screens are getting better both in handling direct sunshine and conserve power with for instance variable refresh rates.

So development is significant if you like cameras, like carrying your phone no worries in bad weather, resisting even a completely soaked pocket, if you like playing games or multi task a lot. Or if you like the convenience of having an all day+ battery life.

If you like mid rangers, the advantages from last year top models are carrying down, and even budget phones are now getting OLED.

I'm very impressed about how much newer phones actually improve over last years models. I'm always thinking for sure it doesn't get much better than this new premium model, because it's freaking awesome cutting edge. And then when next year arrives they somehow manage to make it even better.

I understand perfectly if people consider their phone good enough, because they've been very good for a while now, but still the newer phones are clearly getting better in many ways.