I’d argue more people need faster phones more than faster computers because more people need a phone more than a computer.
There’s some weird status thing with people preferring to be digital masochists unnecessarily. Like people who used to loudly tell everyone they don’t have a TV, good for you?
Getting a high end phone every year when you can trivially recoup most of that cost from flipping the old one lowers the bar.
Sure you can choose to use outdated hardware for years if you want to, but a lot of people would rather not.