The word that fits here is "lifestyle."
The iPhone is a lifestyle product. It does a lot of things, but it does some of them quite poorly.
The new camera is better than it used to be, but it's still a long way of short of the quality you'd expect from a high-end professional photo studio camera.
As a lifestyle product, the important factor is the narrative that buying it will put you within reach of that professional creative lifestyle.
In a sense it will, if your definition is limited to lifestyle social sites like IG and FB.
But in a more honest and realistic sense it won't, because it lacks the quality and the flexibility of real professional equipment. A good DSLR + glass will still kill it, and medium format - which is what the most successful full-time studio pros are likely to use - will absolutely destroy it.
There are still situations where that high end is needed. Fashion, ads, and high-end portraiture and photojournalism all rely on it. I don't think studio photographers working in those fields are going to be moving to an iPhone any time soon.