It is a cost of being on call like not being able to drink alcohol. But you are being recompensed for being on call.
I've been to places where I had to hand over my phone not long ago, the German consulate in S.F. being one. I don't think it's uncalled for. Generally I rather not carry such a device at all.
If you have your phone in your pocket in a locked Faraday cage, it prevents compulsive checking and any network notifications. It also means coat-check folks don't have access to it. The fact it can record other attendees doesn't matter. They may have their phone just in their pocket.
Typing that out, it makes me realize the Faraday cage is unnecessary. Just turn it off, lock it in a reinforced sleeve, people at the front hold onto the key for you.
Surprised I didn't realize this immediately. I sometimes lock my phone in a bag and put the key in another room. If I'm really serious I put the key in an envelope and write on the outside why I'm doing this. Tearing the envelope makes a nice barrier.
I did expose a flaw in their system though: they only bagged one phone (I have a second one for work).
I think it was this one https://www.overyondr.com/howitworks