I think the continued underestimation of Apple since Tim Cook became CEO really just comes down to this: people desperately want a Great Man to worship. Tim Cook isn't revered in that way like Steve Jobs was.
The only interesting product that has been originated under Cook, that isn't a direct derivative of the iPhone (as the watch is), are the AirPods.
Cook is an excellent steward and operator, which is why Jobs de facto installed him as CEO.
The iPhone may have been a once in a century product, even if Steve was still here.
Apple has ONLY made ‘little’ things like the Apple Watch and AirPods. Both are absolutely huge businesses. If people weren’t using the iPhone as a yardstick we wouldn’t stop hearing about how successful Apple is.
But they’re the iPhone company.
It's pointless argument.