No one remembers events perfectly. You remember the highlights; your brain fills in the gaps with what it believes it remembers happens, sometimes going so far as to lie to you.
When faced with that fact, you can choose to feel that it elevates the importance of accurate recreation of the past in our photographs.
I'm more on the opposite side; I don't look at old photos to remember what happened. I look at them to remember how I felt when it happened. I'll never look at an old photo and think "what the; the goldenrod shade of that lion's mane had a 0.54% deeper saturation in real life, this camera sucks!" I'll be thinking "that lion was fucking awesome, and this photo makes him look fucking awesome."
So, maybe camera phones over-process and produce a dream-like representation of what happened. That's how everyone remembers how it happened anyway. There's certainly value in accuracy, but I'm not the New York Times.