Compare that to my own growing up, and we had separate costs for a TV, a radio, we would save up for a walkman or CD player, internet started off as dial-up at the library, then a PC. We'd buy CD's with games and things like Encarta, we'd record or rent films on a video recorder, etc etc etc. And all of those things had to be shared.
Now, with a smartphone, you have all of the above and then some - at a one time investment. Each of those individual devices back then cost the same as a single decent smartphone does nowadays.
I really don't see the issue. I mean I kinda get the objections, because for some reason smartphones are still considered luxury items (but only if you're poor), but it's such an empowering tool (and a source of distraction, which is something everyone needs).