I totally agree with you on the "using a combination of different sensors and a cleverly trained algorithm to get at the parameters of interest". This is something not too far from, in a way, how many sensors work already. They are *proxies* of the actual thing being measured. From my world, the s-can DOC sensor was always a good example, using in-situ spectroscopy to estimate DOC concentration.
Crux of the challenge is "what is the parameter of interest" and "can you come up with a way to estimate it with something easily measured?
Because this is HN, I'll say there is another interesting route possible. If you can change the economics of a situation and decrease the cost of a basic sensor, then you can often increase the volume of applicable uses. I was tangentially involved with the development of the miniDOT [3], which ended up being one of the first "inexpensive" (as in less than $5k) dissolved oxygen sensor. It really changed how people used them and increased the amount of DO sensing by probably an order of magnitude.
[1]: https://mcm.lternet.edu/ [2]: https://www.s-can.at/en/product/carbolyser-v3/ [3]: https://www.pme.com/new-products/minidot-usb-oxygen-logger [4]: https://lter.limnology.wisc.edu/