Can someone explain the huge net gain in conveinence you get from not carrying a wallet?

I know if I drop my wallet, the cards inside will still work. They won't be out-of-service-area or forgot to be charged.

The wallet also caters to many use cases the phone will never support. That can be high-tech stuff like some obscure closed-loop fare card or keycard system that isn't NFC-compatible, or the paper punch card from the local burrito place.

And it lets me carry cash, which is still less of a production number for plenty of informal payments-- I'm not walking through a Apple Pay/Zelle/PayPal transaction at a yard sale.

Maybe it's because I'm fat and wear loose fitting clothes-- having a wallet in my pocket is not a huge frustration.