There is, but it's not that great. You need physical access to the device and it won't be persistent (a reboot will clean it).
If your iOS software is swapped out for a version with a backdoor, then the attacker will have collected your passwords and authentication tokens to services you use. If you reboot to clear the backdoor (and let's be honest: no one reboots their phones), then you won't also "clear" your attacker's memory of all your passwords.
I know there’s also a “hard reset” you can do with volume up -> volume down -> power, not sure if that works at a lower level.
This makes you ever so slightly more vulnerable to an evil maid attack, but we don’t even have a jailbreak yet using this so it’s to be determined how it all shakes out.
It's totally possible to rootkit a phone and have it reboot just fine (with the rootkit removed).
I don't understand why people keep downplaying this. The whole point of a secure phone is that the data can't be accessed even with physical access.
A bootrom attack allows you to replace all of that with plugging in your victim's device into your "hackbox" for 10 seconds. Vastly simpler to execute for your typical goon/henchmen and way less likely to get detected.
There are easier physical attacks too: for example just replace the whole device with an identical one you control. Replicate the target's lock screen in software and capture their inputs.
Phones are more important in that you want to protect the assets from thieves, so we do add non-destructive physical access to our scope, but it's with a higher bug-bar. Someone being able to take your phone, compromise it, then give it back to you so you can input new assets means that a vulnerability has to be severe to be as important as a minor remote vulnerability.
But this hack also allows exfiltration of data from your phone, doesn't it?
A modified version of the movie quote to fit the discussion
But Apple clearly has not been negligent in this space and they really have put forth best effort.