People don't carry game consoles around in their pockets all day. The refresh cycle for phones is also much faster for a verity of reasons.
No, but most people also don't need SoCs which performance doubles every 2 years. If the software was properly written and optimised (which would be more common if the firmware developers expected the hardware to have a long lifespan), there would be no reason any phone manufactured in the last 7 years to be sluggish. Anyway most people just want their basic apps to work (e.g. phone, emails, whatsapp, agenda, hotel booking, photos, maps, chat, music player, etc.), none of which should require a very powerful CPU or tons of RAM...