Phh-Treble author here.
First, to outside looks, your post might be confusing: GrapheneOS and (Phh-)Treble are independent, and complementary. GrapheneOS is focusing on hardening Android (and tbh I'm impressed by Daniel Micay's work). Phh-Treble is about bringing AOSP (the fully opensource Android provided by Google) to the maximum of post-Oreo devices, but using OEM's proprietary drivers.
It is technically possible to make a Phh-Treble GrapheneOS, to have an hardened Android that runs on any post-oreo Android device, though that's probably an heresy.
Going back to the subject, I have to say that (one of) my goal when doing Phh-Treble is that some people use my work to create a whole new "Smartphone OS". There are many restrictions, and such a "new Smartphone OS" would probably need to be based on Android to be able to use Treble, but still, imagination is the limit, and you don't need to worry about the drivers! You can just create whatever you think has value, and pretty much anyone can use it straight away! And I'm not just thinking of FLOSS-oriented, privacy-focused, I'd be happy to see alternative "Smartphone OS" emerge.
Looking at Android as it is today, and the opensource apps the community has made, it is possible to make a privacy-focused "Smartphone OS" that is usable to the masses without much effort.
Some other post mentioned /e/, who are people that actually are trying this route. (Though they are totally ignore Treble for the moment...) Though they get quite a bad reputation, for fairly good reason (for instance there are few google "trackers" inside AOSP. they are easy to remove, yet /e/ still have them)
I personly have tried to maintain a distribution of AOSP with pre-installed FLOSS apps to get out of Google's ecosystem, but I haven't had users for it.
Back to the subject of Purism and Librem 5, even though I'm happy such an initiative exists, I feel like they are trying to do too many things at the same time. In my understanding, they are trying to:
1. Make a secure hardware (cf modem over USB)
2. Create a brand new Smartphone OS, going down to drivers, up to applications themselves, basically from scratch.
3. Make a device that runs mainline kernel.
All of those steps can be done independently, and have much higher chances of success if done independently. Also the skill-set required for those are extremely different