SIMs are smartcards - separate systems storing cryptographic material and performing trusted operations. A TPM that can be plugged and unplugged, basically, using the same standards as a chip-and-pin credit card.
Equivalent keystores haven't been available built in to cell phones until the last few years.
I assume that there are two reasons why it is done this way instead of software/weird-CPU-state solutions (like TrustZone): this construction is easier to reason about and at least in the Secure Element case easier to certify to the requirements of card issuers (as it is essentially standard off-the-shelf secure MCU).
Security chips have also had their vulnerabilities over the years, through power injection attacks or similar, that allow cloning just like bypassing the security of TrustZone would. The attack may be harder to pull off, but nothing is unhackable.
TrustZone is a technology building block, not a complete implementation. You couldn't simply run a SIM on TrustZone, but you probably can use it to implement an eSIM execution environment, which seems to be what Qualcomm is actually doing here.
When you integrate it in the SoC, some of those requirements (tamper protection) will apply to the whole SoC, and you have to integrate the SIM module on the SoC without the company designing it, or the company manufacturing it, having the ability to compromise its security.
I'm guessing it has just taken time hash out the procedure for integrating the iSIM.
Don't forget this one for example: https://theintercept.com/2015/02/19/great-sim-heist/
I don't think the french abuse their SIM-powerposition, otherwise they would not force states like Palestine into using weaker encryption and such.
If you ever worked in telecom, you know for the fact that the SIM companies have sabotaged and vetoed every attempt to get a sane eSIM or SIM-free standard.
And nothing against the French :) , it just happens that the two largest and most agreesive companies in this area have French connections (Thales and Gemalto)
Care to link me to any credible/juicy article where I can actually read on this?